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Archive for category Tax

“Up in Smoke” – Tobacco Tax Evasion Scam

We have been following the story of Syed Bokhari for over a year. Last CBS news in Boston reported that Bokhari was the subject of a raid by special agents assigned to the Bureau of Alcohol, Tobacco and Firearms. At the time the story broke, no criminal charges were pending. After a year and a [...]

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Swiss Banks Balk at IRS, DOJ Tax Amnesty Deal

Last December over 100 Swiss banks entered into a tax amnesty deal with the Justice Department to avoid possible prosecution for helping U.S. taxpayers evade taxes using offshore accounts. After a high profile prosecution against Swiss bank Wegelin two years ago, banks are leery of not participating. Wegelin was forced to close its doors after [...]

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IRS Evaluating Customs Holds as Collection Tool

The IRS has vast powers to collect delinquent taxes. Notwithstanding all the bad ink lately about the IRS and how it allegedly targeted conservative groups for audit, some say the IRS needs to be more aggressive. The Treasury Inspector General for Tax Administration (“TIGTA”), the IRS’ internal watchdog, says the IRS isn’t doing enough to [...]

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Day 4 in Weil FBAR Trial Brings Startling Allegations

New details emerged this week at the trial of Raoul Weil, a former senior executive of UBS accused of conspiracy to help Americans avoid FBAR filings on their unreported Swiss accounts. Previously we reported on the testimony of Hansreudi Schumacher, a former colleague of Weil’s who claimed Weil knew that UBS bankers were actively helping [...]

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Updates in the Weil FBAR Tax Fraud Trial

Living in Florida has certain advantages. One of those is having a front row seat on almost daily fraud and tax evasion trials. There is no shortage of criminal defendants down here and then means plenty of opportunities to observe what makes these folks tick. For the last week we have been following the trial [...]

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“Never Pay Tax!” – PPLI Post

“The World’s ‘Wealthy’ have a tax plan.  ’Never Pay Tax’! And South Dakota is teaching them how with virtual life insurance companies.   These companies (which are licensed and properly funded) provide a Private Life Insurance policy…” These were the opening words on an email I just received. The email is describing a private placed life insurance product or [...]

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New Details Emerge in Weil’s FBAR – Tax Fraud Trial

Raoul Weil is on trial for helping American customers of UBS evade U.S. income taxes. Unlike so many Swiss bankers before him, Weil didn’t take a plea deal. He says that although once the head of UBS’ private wealth division and a a member of the bank’s executive committee, he didn’t assist customers evade taxes [...]

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IRS Requires Filing of All Missing Returns As CDP Condition?

Clients often come to us after an IRS revenue officer is breathing down their necks. Even after liens are filed, taxpayers can seek a collection alternative through a Collection Due Process (CDP) request. In fact, that is when most new clients call an attorney or CPA. The accepted practice is that the IRS will entertain [...]

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Abusive Tax Shelters: Lawyers Have Higher Duty Than CPAs

This is a headline that will probably get me in trouble with my CPA friends. But according to a federal judge, it’s true.  To understand the ruling, some facts are needed. (Don’t worry, this isn’t a dry, boring post at all.) The Justice Department sought injunctive relief against two preparers in Texas. They wanted the [...]

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Doc Faces 175 Years in Tax, Medicare Fraud

This story made me sick to my stomach when I posted it. That takes a lot considering my earlier career as a cop in New Orleans. A Detroit hematologist-oncologist was convicted for a Medicare fraud scam involving giving patients dangerous and medically unnecessary chemotherapy.  Prosecutors say the man, Dr. Faid Fata of Oakland, Michigan,  performed the [...]

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