We have warned U.S. taxpayers about the looming crackdown on foreign bank account holders. As UBS investors well know, the push has already begun in earnest and we expect it to intensify as the Obama administration seeks to close the tax gap as a means of raising revenues to pay for it’s trillion dollar deficit spending. Stopping [...]
Tags: International Taxation · Tax Crimes · Unfiled Returns
If an IRS official believes that you might have broken the law or are currently breaking the law, he or she will refer the matter to the IRS Criminal Investigation Division (CID). The Top Criminal Violations Investigated by CID The most frequently investigated criminal violations are: Failure to file an income tax return Structuring transactions [...]
Tags: Tax Crimes · Unfiled Returns
Tax Girl, Kelly Phillips Erb, reports today that, Janine Lindemulder (a/k/a Janine James), a porn star who goes by the clever stage name “Janine”, learned her fate last week stemming from a guilty plea to tax evasion. Janine will spend six months in prison (plus one year of supervised release) after pleading guilty to a [...]
Tags: Court Cases · Tax Crimes · Unfiled Returns
In a recent post titled As Tax Gap Widens Expect IRS to Get Tougher on Non-Compliers we predicted that the IRS will in the next few years greatly accelerate it’s enforcement efforts. We cited two reasons for this: 1. The recent bailout of the banking industry and companies like AIG make it even more incumbent on [...]
Tags: IRS Audits · IRS Liens and Levies · Tax Collections · Unfiled Returns
It should come as no surprise that taxpayers who get hit with the $10,000.00 penalty for failure to file Report of Foreign Bank and Financial Accounts (FBAR) are trying to get relief from the penalty by blaming their tax preparers for it. Here is an excerpt from a recently issued statement of the IRS Office or Professional Responsibility (“OPR”) titled Professional [...]
Tags: Individual Taxation · IRS Penalties · Unfiled Returns
To extinguish the free will is to strike the conscience with death, for both have but one and the same life. – William Ellery Channing- Joe Kristan of Tax Updates blogged about an interesting, new defense chronic non-filers can use when charged with intentionally failing to file their income tax returns: Lawyers for top Paterson administration [...]
Tags: Tax Collections · Tax Crimes · Unfiled Returns
The brother of former Philadelphia mayor, John Street, was sentenced today to 2 and 1/2 years in prison for failing to file his federal income tax returns from 2001 through 2004. Prosecutors proved that T. Milton Street earned over 3 million dollars during the period of his non-filing and that he willfully failed to file his [...]
Tags: Back Taxes · Tax Crimes · Unfiled Returns
