(The author of this post suggests listening to the 1960’ folk legend Hoyt Axton’s Roll Your Own while reading this post.) This post comes courtesy of the Wisconsin Department of Revenue which announced this week charges against two men for cigarette tax evasion. After reading the DOR’s press release, I suspect we will be seeing […]
Lawyer Indicted For Estate Fraud And Tax Evasion
An attorney in Bucks County, Pennsylvania has been indicted on charges that he stole almost $2 million from a deceased client’s estate. Prosecutors charged attorney Randolph Scott, 70, with mail fraud, aggravated identity theft, tax evasion and failure to file tax returns. If convicted on all the charges, he faces a minimum of 2 years […]
Cayman Banks To Disclose Info – IRS Whistleblower Post
[Post Updated 2020] U.S. taxpayers are required to report offshore financial holdings. This includes bank accounts, certificates of deposit, offshore brokerage accounts and even some life insurance products. Reporting is done annually on a Report of Foreign Bank and Financial Accounts, more commonly known as an FBAR form. (Depending on how those assets are held, […]
Offshore Tax Evasion Update – By The Numbers
We frequently post stories about both Americans and foreign bankers prosecuted for tax evasion involving unreported offshore accounts. U.S. taxpayers are usually prosecuted for filing a false tax return (a 3 year felony) or failure to file an FBAR (5 years). Bankers, lawyers and accountants associated with these taxpayers are frequently charged with conspiracy to […]
Tax Evasion Update – HSBC Whistleblower In High Demand
Twice before we wrote about Herve Falciani, a former computer specialist for HSBC bank in Switzerland. Falciani is a fugitive from Swiss authorities but welcomed in other European countries. Why? Because he allegedly stole the names of 130,000 client names from his former employer; names that are probably responsible for billions in unreported foreign accounts and […]
Abusive Tax Shelter Results In $100 Million Assessment (IRS Whistleblower Post)
None of us enjoy receiving letters from the IRS. Some might argue and claim a refund is a nice thing to receive from the IRS but those checks come from the U.S. Treasury. While often a letter from the IRS signals an audit or notice saying that you owe more money, former HP board member […]
Former CPA Gets 3.5 Years in Prison, $100 Million Restitution For Tax Evasion Role
by Brian Mahany A former CPA and banker at Deutsche Bank AG was sentenced to 3-1/5 years and ordered to pay $115,700,000 for his role in helping clients evade taxes. David Parse will have to serve about 3 years before eligible for early release. He was convicted of mail fraud and obstruction charges. Prosecutors say […]
Top Tax Scams – Are You On The IRS' Radar?
by Brian Mahany With just 2 weeks before taxes are due, the IRS has cranked up their publicity machine. Indictments, public service announcements and lots of information. One of the more interesting stories is the IRS “dirty dozen” tax scams. While identity theft occupies the number 1 spot again, several “scams” warrant special mention. Near […]
Charges Against US Lawyer Proceeding – Red Flag For CPAs and Lawyers That Have Clients With Offshore Accounts
[Updated 2021] Previously we reported on California attorney Christopher Rusch after he was indicted and arrested for helping two clients establish unreported foreign accounts. Rusch initially denied the charges but court documents released this month suggest he may have cut a plea deal with prosecutors. The case is being closely watched by those with unreported […]
$104 Million IRS Whistleblower Reward? Yup, Bank Secrecy is Dead!
Meet Bradley Birkenfeld. Bradley is a disgraced former Swiss banker that spent about 2 and a 1/2 years in prison for helping Americans evade taxes and hide their money in Swiss accounts. He is out of jail now and is getting a check from Uncle Sam for $104 million. What did he do to earn […]