Married couples often file their taxes jointly to take advantage of some tax benefits. But sometimes the spouse preparing the taxes gives a less-than-honest report. The other spouse, unaware of the issues on the return, will sign off. Once their signature is on the return, they become jointly and severally liable for all the information included. This means they are equally responsible for the tax, no matter if they earned the income or not, and they can also face penalties for the discrepancies in their filing. People who are on the hook for their significant other’s fraudulent activities may be wondering if they can apply for Innocent Spouse Relief.
Secret Swiss accounts, loose gems, and shell companies figured prominently in the case against a Connecticut resident who pled guilty to tax crimes and failure to report on offshore assets.
Recently filed charges against businessman and lobbyist Paul Manafort offer a wealth of advice and warning about foreign holdings and associated tax requirements.
Ongoing budget cuts appear to be weakening the enforcement efforts of the Criminal Investigation branch of the IRS, according to its most recent annual report.
If you are an American with foreign accounts living stateside or abroad, the foreign bank account report (FBAR) is an important annual obligation. Let’s talk about why.
A Germantown man who inherited the family skin care products business was recently convicted on seven counts of filing false corporate, individual, and private foundation tax returns. His great-grandmother introduced a product called Frownies, an anti-wrinkle cream, in 1889 and built a business from there. In the last 30 years, he began diverting money from the business to his personal debts.
The Internal Revenue Service (IRS) and United States Department of Justice (DOJ) are continuing their crack down on tax compliance for those who are avoiding their obligations through the use of foreign bank accounts. The most recent efforts involve an investigation of a Suisse banker who was accused of partaking in an almost ten year operation to conceal assets of United States citizens through the use of foreign accounts.
After being convicted of filing fraudulent tax returns, Chicago-area attorney Gary J. Stern sat through his two-hour long sentencing hearing. NFL stars like Terrell Owens, Adalius Thomas, Ray Lewis and Plaxico Burress alleged that they were scammed by the tax attorney.
For overseas holdings in excess of $10,000, US residents are required to file a Report of Foreign Bank and Financial Accounts (FBAR). One Connecticut man, with over $28 million in overseas accounts, failed to do so and has pleaded guilty to the crime. Instead he tried to hide his money in homes, cash, and precious stones. Here are the details.
In June of this year, we shared the story of a Las Vegas strip club owner who was awaiting sentencing for his crimes. The former owner of Crazy Horse Too had his fate finally decided last week by a US District Chief Judge.