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Archive for category Tax

Audit Defense 101 – Don’t Bribe IRS Agents!

We have seen many creative strategies for conducting an effective IRS audit defense. Trying to bribe the auditor isn’t one of them. That is the hard lesson learned by Stephen Jacobs, a chiropractor from Lowell, Massachusetts. For the next 9 months, Dr. Jacobs will be trading his white scrubs for orange. According to the indictment, [...]

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Grandmother’s IRS Horror Story – Money Laundering Post

Carole Hinders is a 67 year old grandmother and owner of Mrs. Lady’s Mexican Food, a restaurant located in Arnolds Park, Iowa. She has operated the restaurant for almost 4 decades. Unlike many restaurants, Ms. Hinders doesn’t except credit cards. Each day she takes her cash receipts and deposits them at the local bank. Ms. [...]

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Tax Protester Sentenced to Prison

Earlier this month a federal judge in St. Louis, Missouri sentenced a tax protester to 16 months in prison on charges of filing false tax returns. Peter Giambalvo was convicted at trial last August of one count felony interference with the IRS and eight felony counts of filing false tax returns. Court records indicate that [...]

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Unfiled FBAR Conviction Against St Louis Man

The United States Department of Justice secured a conviction against a St. Louis man accused of not reporting foreign bank accounts in Switzerland and Singapore. Raju Mukhi, age 67, was indicted last year on charges of willful failure to file an FBAR and filing false tax returns. Offshore accounts with an aggregate value of more [...]

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Is the IRS Reading Your Mail? Maybe! (Tax Evasion Post)

Recently a taxpayer wrote to me asking if the IRS needed a warrant to “look at [her] mail.” Technically, the IRS needs a warrant to open your mail but not to examine the physical letter itself. If that sounds like a distinction without a difference, you are mistaken. People living in the United States have [...]

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Eye Opening FBAR Survey Results

The Association of Americans Resident Overseas – AARO – recently conducted a 4 month survey to see how Americans with offshore financial accounts were adapting to the mandatory electronic FBAR filing regimen. For decades, U.S. taxpayers with offshore accounts had to paper file FBAR reports each June. Now, FBARs must be filed electronically. Short for Report of [...]

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Swiss Banker Fugitive in FBAR Flap

Stefan Buck is head of private banking at Bank Frey and a member of its board of directors. A prestigious Swiss bank, Buck holds an important position within the bank. This week he gets to add another accomplishment to his resume. He is a fugitive. The government says that Bank Frey holds approximately $2.12 billion [...]

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More Info About Sovereign Management (Tax Evasion Post)

A few days ago we posted a warning to folks that opened offshore bank accounts through a company called Sovereign Management & Legal, Ltd. Based in Panama, the company offers to help Americans open offshore bank accounts with nominee corporations. Knowing that many people who do take these actions are also committing tax evasion, the [...]

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John Doe Summons Issued Regarding Sovereign Management

The IRS is on the hunt again for unreported foreign bank accounts. Already quite adept at finding taxpayers with hidden or undisclosed accounts overseas, the IRS recently obtained permission from a federal judge to issue a John Doe summons to several companies. This time, the IRS will be seeking records of shipments made through FedEx, [...]

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Urgent ALERT – Customers of Compass Welfare Benefit Plans

Rarely do we publish alerts on our blog but we have just learned that the IRS has obtained a list of customers of the Compass Agency in St. Petersburg, Florida and may be auditing those clients with a Compass Welfare Benefit Trust Plan. Established as a so-called 419 plan, this type plan is often considered [...]

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