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Archive for category Tax

NY Resident Pleads to Unreported Account FBAR Charge

Owning or having signature authority over an offshore account isn’t illegal but failing to tell Uncle Sam about it can land you in prison. During the last several years, almost 200 people have been prosecuted for failure to file an FBAR form. Short for Report of Foreign Bank and Financial Accounts, the willful failure to [...]

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Bulgaria Approves FATCA Pact

The Republic of Bulgaria becomes the latest nation to enter into a pact with the United States government to implement FATCA, the Foreign Account Tax Compliance Act. Passed by Congress in 2010, the law hopes to crack down on tax evasion using offshore accounts. Under the law, foreign banks and financial institutions must review their [...]

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Doc Pleads Guilty to Unreported Leumi Acct (FBAR Post)

Earlier this month, a physician from Laguna Beach, California pleaded guilty to Willful Failure to File an FBAR form (Report of Foreign Bank and Financial Accounts). As a result of his guilty plea, Dr. Baruch Fogel faces 5 years in prison when sentenced later this year in July. U.S. taxpayers with $10,000 or more in [...]

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Mispent Homeless $ Leads to Healthcare Fraud Charges

Jonathan Dunning is the former CEO of two non profit clinics for the poor and the homeless. He may soon be homeless himself, unless you call a federal prison cell “home.” Last week FBI and IRS criminal division special agents arrested Dunning after he was indicted on 112 counts of wire fraud, bank fraud and [...]

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Is Bank Secrecy Dead? (FBAR Post)

We often get asked about bank secrecy. Millions of U.S. taxpayers have not reported their offshore bank accounts and other financial assets. U.S. law requires that taxpayers report these holdings if at any time during the year their aggregate value exceeds $10,000. It doesn’t matter if you are living overseas, have dual citizenship or hold [...]

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HSBC Sends Letters to US Taxpayers – FBAR Post

There are millions of Americans with unreported offshore bank and financial accounts. Under the new FATCA legislation, foreign financial institutions will soon be required to report account holders with ties to the United States. (FATCA is short for the Foreign Account Tax Compliance Act, a 2010 Obama initiative designed to cut back on tax evasion [...]

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Bearer Shares Probe Puts UBS Crosshairs- AGAIN!

The IRS’ war against unreported foreign accounts began with a bang. In 2009, Swiss bank UBS entered into a deferred prosecution agreement after the Justice Department accused the bank of helping Americans evade taxes by placing money in unreported Swiss accounts. The bank was able to keep its doors open but paid a steep price, [...]

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IRS Issues Updated FBAR Guidance

Record breaking fines and massive media attention over unreported foreign bank accounts has raised awareness about offshore reporting requirements and the need to file FBAR forms. An FBAR is a Report of Foreign Bank and Financial Accounts. FBAR forms are generally required when the aggregate amount of a taxpayer’s offshore financial holdings exceeds $10,000. Penalties [...]

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Lap Dance of Luxury? Tax Evasion Post

Michael Mitrow, former CEO of a New Jersey pharmaceutical marketing company, pleaded guilty to tax evasion and conspiracy to commit wire fraud. His brother Matthew pleaded guilty to filing a false tax return. The two men were involved in a scheme in which Michael defrauded his employer of over $1 million. Prosecutors say that during [...]

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“Chronic Disorganization” or False Tax Returns?

A Connecticut lawyer is heading to prison for 6 months after being convicted of not paying $394,000 in federal income tax. Attorney Jerry Gruenbaum, age 59, pleaded guilty to two counts of filing false tax returns. Prosecutors say that he filed false returns from 2005 through 2007 and then didn’t even bother filing any returns [...]

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