California Tax Law Blog

Foreign Banks Directed to Hand Over American Account Info

Foreign Banks Directed to Hand Over American Account Info

| Oct 16 | FBAR Compliance and Disclosure, Tax Law Blog | No Comments
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Orange County taxpayers haven’t been the only folks to line up to take advantage of a voluntary disclosure program offered by the government. Over 100 foreign banking institutions signed up to take part in anti-prosecution agreements with the Department of Justice earlier this year. This was, in large part, a response to the huge settlement between the DOJ and UBS, back in 2009. UBS handed over fines of roughly 780 million dollars and agreed to hand over the names and account information of tens of thousands of its American account-holders.

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Founders of Orange County Company Sentenced to Prison for Tax Evasion

Founders of Orange County Company Sentenced to Prison for Tax Evasion

| Oct 09 | Criminal Tax Representation, Tax Law Blog | No Comments
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If you frequent the David W. Klasing Tax Blog, you know that we strive to report on the most pertinent topics pertaining to tax law in order for you to avoid being caught up in a situation that can land you in prison. Our stories come from all around the country, but last week, an Orange County couple was sentenced to time in prison for the tax evasion activities of their business. This is too close to home and the punishment was too severe to be ignored.

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Beware of FATCA Scammers!

Beware of FATCA Scammers!

| Oct 07 | FBAR Compliance and Disclosure, Tax Law Blog | No Comments
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Last week the IRS made an announcement regarding a new wave of attempts to scam foreign banks into giving out American taxpayer account information. According to the Service, scam artists are contacting officials at foreign banks and impersonating U.S. government officials. They will threaten that the bank is in violation of the FATCA rules and make a demand for certain account records. The United States has come out to set the record straight about this matter and assured foreign institutions that they would not be contacted through an informal telephone call or email if there was an issue with regard to the requirements of FATCA and or the bank’s reporting obligations. Are you dealing with a real IRS criminal investigation, or just a scam?

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Imaginary Company Will Cost Michigan Businessman His Freedom. Don’t Make This Mistake.

Imaginary Company Will Cost Michigan Businessman His Freedom. Don’t Make This Mistake.

| Oct 02 | Criminal Tax Representation, Tax Law Blog | No Comments
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As children, many of us had something imaginary. Whether it was a pet or a friend, we created something from nothing and went about our lives pretending that it existed. What if we were to do that today? How much trouble would it get us into? Michael Stover from Plymouth, Michigan did just that and it turns out that he will get more than just a time-out. If you find yourself facing a similar situation, you should seek out a tax litigation lawyer before it’s too late.

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Brazil Enters Into IGA with the United States

Brazil Enters Into IGA with the United States

| Oct 01 | FBAR Compliance and Disclosure, Tax Law Blog | No Comments
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Brazil is the latest country to enter into an information-sharing agreement with the United States. Last week, the two nations came together to sign the Intergovernmental Agreement (IGA) and jointly announced the details. What can be gleaned from the announcement is that if you are an American with assets in accounts in Brazil, your financial information will soon be shared directly with the IRS. But the agreement doesn’t end there. If you are a Brazilian national, living in the United States, you are also in the crosshairs, as the IGA will also require the IRS to send financial data on Brazilians back to Brazil’s Finance Ministry. Are you prepared with a criminal tax lawyer?

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Could a Bad Tax Lawyer Land You in Prison? A California Dentist Thinks So.

Could a Bad Tax Lawyer Land You in Prison? A California Dentist Thinks So.

| Sep 30 | Criminal Tax Representation, Tax Law Blog | No Comments
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When we turn on the news and hear of people being arrested and sentenced to lengthy prison sentences, we usually presume that they have committed some sort of disturbing or violent crime against others. And though that is often the case, there are also those who are ordered by a judge to don a colored jumpsuit and be confined in a federal prison even though there are no human victims of their crime. Sadly, a few of these prison inmates may have not even been at fault and simply were taken advantage of. Could a bad tax attorney put you at the center of an IRS criminal investigation?

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Wine Executive Sentenced to 33 Months In Prison for Tax Evasion

Wine Executive Sentenced to 33 Months In Prison for Tax Evasion

| Sep 25 | Criminal Tax Representation, Tax Law Blog | No Comments
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People generally drink a glass of wine to unwind after a long day or to compliment a fancy meal. But for former WineTasting Network executive Martin Christopher Edwards, it is a delicacy that he won’t be enjoying for a long, long time. For Edwards, it wasn’t the wine that got him in trouble; it was over two years of tax evasion and embezzlement.

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Lithuania Added To Long List Of Inter-Governmental Agreements

Lithuania Added To Long List Of Inter-Governmental Agreements

| Sep 23 | OVDI Program, Tax Law Blog | No Comments
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If the United States were a person, do you ever wonder what they may daydream about? What would the world look like if the U.S. could have everything their way? Well, for international tax purposes, it is conceivable that they would want full disclosure of all American-owned accounts overseas, regardless of the country that they are in. Unfortunately for U.S. taxpayers, the U.S. wouldn’t have to dream that sort of scenario up, it is already happening.

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Taxpayers Beware: Another International Exchange of Information Agreement

Taxpayers Beware: Another International Exchange of Information Agreement

| Sep 18 | OVDI Program, Tax Law Blog | No Comments
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Most middle-aged Americans can remember a time where it was possible to open an account in a foreign country and deposit as much money as desired without attracting much attention. In fact, communication between nations until recently was relatively non-existent. Over the last decade, American tax and law enforcement agencies have taken significant steps in making the world a more connected place, when it comes to communicating foreign account information. The goal of all of this information sharing: to discover those with concealed bank accounts and to catch those who are evading taxes on a worldwide basis. Tax fraud lawyers are paying close attention to this issue.

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Some Banks Bail on Non-Prosecution Agreement – Don’t Be Fooled

Some Banks Bail on Non-Prosecution Agreement – Don’t Be Fooled

| Sep 08 | OVDI Program, Tax Law Blog | No Comments
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It is now no surprise to taxpayers around the world that the United States has trained their sights on not only Swiss banks, but on all foreign institutions that could be helping Americans hide money from the watchful eye of the U.S. government. Recent news of banks pulling out of previously made agreements with the U.S. may give taxpayers who have secret accounts false hope. It is important that you fully understand the risk that you are taking before you decide to do nothing. Read More

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