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Archive for category Tax

Tax Fraud Send New York Couple to Prison

For some people cheating on tax forms, here and there, and for insignificant amounts, may be acceptable conduct. However, the IRS has recently sent some clear signals that it has a zero tolerance policy for tax fraud. Jeffrey and Marla Stein were successful professionals. They lived in a posh home in Manhattan´s Upper East Side, [...]

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The Long Arm of the IRS (Tax Evasion Post)

Uncle Sam has become quite adept at ferreting out foreign bank accounts. Get caught with an unreported offshore account and you could even wind up in prison. One man in Kentucky thought he could outsmart the IRS by hiding his money in a Swiss account. Today that man, Peter Canale, is awaiting his fate when [...]

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2 More Swiss Banks Settle with US in FBAR Probe

At least once a week we report on the latest Swiss bank or banks settling with the government. This week is no exception.  According to the Justice Department’s Tax Division, Privatbank Bellerive AG and SB Saanen are the latest two Swiss banks to cooperate with the Department of Justice and IRS. After Credit Suisse pleaded [...]

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Three More Swiss Banks Cooperate – FBAR Post

In the last few weeks several Swiss banks have agreed to cooperate with the U.S. Department of Justice and IRS over unreported foreign accounts. Swiss banks were given an ultimatum last year – cooperate or face criminal prosecution. Most Swiss banks took the threats seriously. UBS entered a  deferred prosecution agreement in 2009 and paid [...]

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Divorce Can Lead to Tax Audit and More

Getting a divorce is already traumatic. Add an IRS tax audit and possible criminal charges and things can really get ugly. Unless a divorce is truly uncontested, at least one of the parties is likely to want detailed financial discovery. If you are supporting a million dollar lifestyle on a $10,000 salary, expect many questions. [...]

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Worst Tax Audit Idea Ever?

Ever hear of Doctors Without Borders? It’s a great idea and it helps needy families and children receive life saving medical attention in poor countries. Doctors Without Borders is a great idea. Unfortunately, the United Nations and the Organization for Economic Cooperation and Development (OECD) took that idea one step too far and created Tax [...]

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India Signs FATCA Agreement With US

Post by Veronica Pamoukaghlian, Senior Tax Writer India is the latest country to sign an agreement with the US under FATCA (the Foreign Account Tax Compliance Act). The implications of the treaty on the international tax landscape are vast, as it will heavily affect thousands of taxpayers and numerous financial institutions at two of the [...]

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FATCA and the Presidential Race

FATCA and the Presidential Race Post by Veronica Pamoukaghlian, Senior Tax Writer The FIFA scandal and some other high profile prosecutions of tax evaders have brought FATCA to the foreground of US news. Suddenly our treaties with foreign nations and agreements with international banks to disclose information about US taxpayers are becoming common knowledge. Because [...]

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Hong Kong the New Money Laundering Destination?

As tax lawyers who concentrate in IRS offshore reporting, we get lots of question about bringing money into or out of the United States. Like many countries, we don’t have currency controls per se but U.S. Treasury Department regulations require cash in excess of $10,000 be reported. That includes entering or leaving with foreign currency [...]

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Two More Swiss Banks… FBAR Post

Are there any Swiss banks that haven’t agreed to cooperate with the IRS? Probably not! The push to find unreported foreign accounts began in 2009 with the deferred prosecution of Swiss banking giant, UBS. Bradley Birkenfeld, a former UBS private banker, blew the whistle on his former employer and promptly earned a $104 million whistleblower [...]

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