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Posts Tagged Minneapolis tax lawyer

Payroll Firm Really A Ponzi Scheme? Tax Fraud Post

by Brian Mahany Although we specialize in tax and fraud work, rarely are the two disciplines connected. A story last week from the Baltimore Sun, however, suggests that a Bel Air, Maryland payroll company was both stealing tax monies from clients and running a Ponzi scheme. That’s a double loss for victims – they lose [...]

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Unreported Bank Leumi or Mizrahi Tefahot Bank Account? READ THIS (FBAR Post)

by Brian Mahany Unless you are new to this blog, you already know that we write many articles about offshore tax compliance and in particular, the need to disclose foreign bank and financial accounts. Generally, the IRS operates on a first contact policy meaning if you contact them before they find you, it’s possible to [...]

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IRS Taxpayer Advocate Slams Congress For Complexity Of Tax Code

by Brian Mahany We are big fans of Nina Olson, the IRS’ National Taxpayer Advocate. Although understaffed, her office is the last line of defense for taxpayers “stuck in the system” or unable to find answers to their questions. I liked the concept of an independent voice so much that I created the position in [...]

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US Tax Court Disallows Xėlan 419 Plan

by Brian Mahany At least once a month we receive a call from a business owner or physician who lost money in a 419 plan. The “lucky” simply have made a lousy investment in some unneeded insurance. The unlucky receive a huge tax bill from the IRS and / or lost their money in some [...]

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Feds Proposed New Felony Tax Crime Has Implications For Those Overseas

by Brian Mahany Tax evasion is a felony. Prosecutors must prove that the person accused possessed a willful intent to evade taxes and committed some affirmative or overt act of evasion. Mere failure to pay taxes or file returns are misdemeanors punishable by no more than a year in prison. The difference is the required [...]

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IRS Hot On The Trail Of Hidden Bank Leumi & Other Israeli Accounts

by Brian Mahany It’s no secret that the IRS has been snooping around Israeli banks for quite some time. Although most Americans think of Switzerland when thinking offshore accounts, most foreign bank accounts are in places like Israel, India and Canada. A recent indictment in California shows just how serious the IRS is about locating [...]

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Trust Fund Recovery Penalty Revisited

by Brian Mahany A Trust Fund Recovery Penalty (“TFRP”) is not a penalty in the traditional sense. It a collection tool used by the IRS as an alternative method of collecting certain taxes from businesses. Under both state and federal law, business insiders and control persons may be held personally responsible for unpaid business taxes. [...]

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Good News For Tax Evaders?

by Brian Mahany In recent years we have had very little good news for taxpayers under criminal investigation for unreported foreign accounts or tax evasion. While we have a great track record, nationally the U.S. Department of Justice boasts a conviction record in the high 90′s percentile.  Although that impressive record isn’t threatened, the number [...]

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