Injustice anywhere is a threat to justice everywhere. Those were spoken by Dr. Martin Luther King and are the theme for today’s Thankgiving message. We try to blog everyday. Holidays are no exception. A few minutes ago I was poised to write a story on a new Ponzi scheme in Florida. Unfortunately, by tomorrow several […]
Tax Court Hears Interesting IRS Whistleblower Case
The IRS whistleblower program has been around for almost as long as the federal income tax. In 2007, Congress put real teeth in the law and provided whistleblowers more rights in big cases. Recently the U.S. Tax Court had the opportunity to address the ability of whistleblowers to challenge the amount of the their award […]
Criminal Charges and Whistleblowers
Recently we received a call from a potential whistleblower wondering if she could file a false claims act case even though her employer managed to convince a local prosecutor to bring criminal charges against her. Unfortunately, we periodically hear stories like this. In almost every case, a “dirty” employer uses the criminal courts as a […]
"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 […]
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 […]
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 […]
Offshore PPLI Life Insurance Scams Still Alive
Back in May, we wrote about an abusive tax shelter masquerading as a sophisticated private placed life insurance (PPLI) product. One of the companies marketing the product, SwissPartners, entered into a non prosecution agreement with the U.S. Department of Justice. Except for any audits of the dozens of American clients who purchased their PPLI products, […]
NY Man Arrested for Tax Fraud and TARP Fraud
A Westchester, New York man was arrested and charged with tax fraud and other crimes in connection with a sophisticated mortgage scam that allowed him to obtain $146 million from 3 banks. Published reports say that Selim Zherka was charged with tax fraud, wire fraud, witness tampering and bank fraud. Because one of the banks […]
New Guidance for REITs = New Opportunities for Taxpayers
A year ago we discussed the attempt by Lamar Advertising and Iron Mountain to convert many of their income generating properties into Real Estate Investment Trusts or REITs. When we of REITs, most people think of investment companies that own office buildings, hotel properties and shopping centers. But why not billboards (Lamar Advertising) or storage […]
Breaking News – Tax Whistleblower Suit Against Vanguard Unsealed
Vanguard is the world’s largest mutual fund company with $2.4 trillion invested through many funds. According to a complaint just unsealed, it may owe the government over a billion in taxes as well. The complaint filed in the New York Supreme Court* claims that Vanguard failed to file returns and pay taxes for several years […]
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