What is the Tax Evasion Federal Crime Definition? What is the Crime of Tax Evasion   What is the Tax Evasion Federal Crime Definition: It is not uncommon that when a US Taxpayer believes they have run afoul of the law on matters involving their US taxes — they automatically believe they are  guilty of the tax crime of tax evasion. But, more often than not a Taxpayer who may have violated the tax code is…
Court Authorizes IRS for Records Relating to Panamanian Offshore Service Court Authorizes IRS for Records Relating to Panamanian Offshore Service Court Authorizes IRS for Records Relating to Panamanian Offshore Service: Just because the debacle that was the Panama Papers was yesterday’s news — does not mean the participants in the alleged scheme are out of the woods just yet. In fact, the IRS has just turned up the heat in its quest to obtain information…
Outdated FBAR Regulation Does Not Limit Willful Penalties Outdated FBAR Regulation Does Not Limit Foreign Account Penalties Outdated FBAR Regulation Does Not Limit Willful Foreign Account Penalties: In a recent FBAR case in the U.S. Court of Appeals for the Second Circuit, the Court of Appeals affirmed the District Court’s ruling that willful FBAR Penalties are NOT limited to $100,000 per year. Appellant’s argument (which has been pursued by other Taxpayers across the nation as…
June 15 Tax Deadline June 15 Tax Deadline Reside Overseas & Missed June 15 Tax Deadline Due Date? Do You Reside Overseas and Missed the June 15 Tax Deadline? For US person taxpayers who reside inside the United States, they must file their US tax return by April 15 — unless it falls on a weekend or the US government extends the time to file — as in 2020, when the US government provided Taxpayers…
Should You Disclose Your Offshore Assets to the IRS Should You Disclose Your Offshore Assets to the IRS Should You Disclose Your Offshore Assets to the IRS: When a US Taxpayer realizes that they are out of compliance for reporting offshore assets to the Internal Revenue Service and FinCEN (Financial Crimes Enforcement Network), it can be a very overwhelming feeling. The Internet is littered with fear mongering tax professionals who aim to make Taxpayers believe…
Hired Tax Lawyer on Contingency? An International Cautionary Tale Hired a Tax Lawyer on Contingency?  Hired Tax Lawyer on Contingency? An International Cautionary Tale: The idea of hiring a tax attorney on contingency sounds great, right? You have a potentially major IRS tax liability that may span several years and multiple countries or jurisdictions — and you need help. You reach out to several international tax attorneys and find that most of them do not…
McAfee Facing Crypto & Tax Evasion Alleged Suicide Pre-Extradition McAfee Facing Cryptocurrency Fraud & Tax Evasion Alleged Suicide Pre-Extradition McAfee Facing Crypto & Tax Evasion Alleged Suicide Pre-Extradition: John McAfee, who had recently been charged with various tax crimes in the United States for cryptocurrency fraud and evasion — was facing many possible years in prison if convicted. The U.S. sough to extradite him to the United States. Apparently, he was being held in a…
South Korea Cracks Down on Cryptocurrency Tax Evasion & Dodgers South Korea Cracks Down on Cryptocurrency Tax Evasion South Korea Cracks Down on Cryptocurrency Tax Dodgers: Not all countries have welcomed cryptocurrency with open arms – including Korea. Many countries are worried about tax fraud and evasion. In the US, there have several recent arrests, including the alleged leader of Bitcoin Fog. Recently, the Government of Korea confiscated cryptocurrency from upwards of 12,000…
Puerto Rico Incentives Code 60 (Prior Acts 20/22) Puerto Rico & US Tax Puerto Rico Incentives Code 60 for prior Acts 20/20: Many high-net worth Taxpayers are (understandably) upset about the massive U.S. taxes levied on their employment, investment, and corporate income. Sometimes, effective tax planning can help avoid these taxes. The goal of tax planning is to legally limit, minimize, and if possible, avoid US tax — while also avoiding a tax fraud audit…
Tax Fraud Indictment for Hiding Income as Ill-Gotten Gains Tax Fraud Indictment for Hiding Income as Ill-Gotten Gains Tax Fraud Indictment for Hiding Income as Ill-Gotten Gains: It is important for US Taxpayers to remember that Tax Evasion does not have to result from actual cash income. When a person substitutes assets for income — or other fringe benefits — and does not report the income or receipt of assets as income to the IRS