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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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Trio Convicted of Medicare Fraud in Detroit

Medicare fraud is rampant. Tens of billions are lost each year in scams around the country. The victims of these scams are ultimately taxpayers and those truly needy people who are denied essential medical care. Because Medicare is a federally funded program, whistleblowers who report fraud can earn large cash awards from the government. The [...]

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SEC Warns Companies to Not Interfere with Whistleblowers

The SEC’s whistleblower program is still in its infancy. Created by the Dodd Frank Act in 2010, it has only paid out about a dozen awards, although last month the agency announced a whopping $30 million award. The IRS and federal False Claims Act whistleblower programs have been around for decades and have paid out [...]

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Stockbroker Fraud and “Selling Away”

The big news last week in the securities industry was the apparent termination of James “Jeb” Bradshaw, a legendary stockbroker  most recently employed by LPL Financial. Several years ago, Barron’s magazine ranked Bradshaw as the top financial adviser in Texas with a client portfolio of almost $4 billion. When we checked with FINRA last week, [...]

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PPLI Life Insurance Scam Still Making the Rounds

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, [...]

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Government Settles Record “Inadequate Care” Whistleblower Case

Extendicare Health Services, a Canadian nursing home conglomerate, has agreed to pay $38 million to settle a whistleblower suit claiming violations of the federal False Claims Act. The U.S. Department of Justice says the settlement is the largest ever for substandard care. The suit was brought by Tracy Lovvorn, a rehabilitation manager at the company. [...]

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