The Spread of FATCA Envy Into The Northern And Western Hemispheres
South American countries have many reasons to be jealous of the United States. Most days, we have stable federal government. Our standard of living is mind-blowing for many people in impoverished countries. They view us as the land of opportunity. We argue about our health care system, but almost everyone gets the care they need. […]
What Does The Raoul Weil Case Mean To You?
Iconic mobster Al Capone died in prison after he was convicted of tax evasion. More recently, after the notorious Lufthansa robbery that was immortalized in 1990’s Goodfellas, Jimmy the Gent went to prison not for his alleged role in the robbery but for a point-shaving scandal involving the Boston College basketball team. It could be […]
Former Mizrahi-Banker Charged With Offshore Tax Evasion Acquitted at Trial
Who says that every banker who is charged with aiding and abetting U.S. customers to hide their money offshore is guilty of tax evasion? This is the story of one defendant who forced the government to prove its case and came out victorious. Shokrollah Baravarian, an eighty-two year old retired senior vice president at Mizrahi […]
Etre résident fiscal aux USA : les avantages & inconvénients
Pour ceux qui ne le sauraient pas, je parle français. Français était mon premier cycle majeur au collège et une langue que je suis passionné. A ce jour, je continue à pratiquer mon français en suivant des cours à l’Alliance Française de New York. Au cours des dernières semaines, je l’ai reçu plusieurs demandes de […]
Bank Leumi’s Problems Growing Worse By The Day
Did Bank Leumi Le-Israel (LUMI) help Americans evade taxes? According to Benjamin Lawsky, head of New York’s Department of Financial Services, it did. New York’s banking regulator is asking for more than $300 million to settle an investigation. Bank Leumi’s breach of New York’s banking laws is eerily reminiscent of an earlier brush that the […]
Prudence And Caution: The Antidote to The Hazards of Certifying Nonwillfulness Under The Streamlined Procedures
Back on August 13, 2014, the IRS issued an update of the Internal Revenue Manual that sheds some light on what type of submissions might be ripe for audit under the streamlined procedures. For those unfamiliar with the Internal Revenue Manual, it is the “official source of instructions to IRS personnel relating to the organization, […]
Play Ball with the Government or Else: Marian Morgan Learns Her Lesson the Hard Way
Marian Morgan would not play ball with the U.S. government, and she paid dearly for that decision – a 405-month (almost 34-year) prison sentence. Her codefendants both wound up with very different fates. Marian Morgan and her husband, John Morgan, ran a Ponzi scheme in Sarasota, Florida, called “Morgan European Holdings,” scamming people out of […]
SWISS BANKS UNITE AND FIRE BACK AT THE DEPARTMENT OF JUSTICE
Neutrality is Switzerland’s unwritten motto. This devotion to conflict avoidance kept the Swiss out of two World Wars. The Swiss are known for their diplomacy, hospitality, and the ability to keep a secret. So, it came as a shock when 73 Swiss banks joined ranks to inform the U.S. Department of Justice and the IRS, […]
Carpet Dealer with Hidden Swiss bank Account Could Face 3 Year Jail Sentence for Tax Evasion
After filing a false tax return for 2009, New Hampshire Oriental carpet dealer, Menashe Cohen, has pleaded guilty with respect to his hidden million dollar Swiss bank account. Investigations reveal that Cohen failed to disclose a whopping $170,000 income from offshore bank accounts between the tax years 2006 and 2009. No mention of the carpet […]
Chicago Lawyer with Portfolio of Celebrity Clients Indicted On Charges of Tax Fraud
Gary Stern is the latest professional to become ensnared in the coils of the criminal justice system. The once prominent lawyer who represented NFL players, doctors, lawyers, and other professionals has been charged with tax fraud. Federal prosecutors allege that Stern organized, operated, and promoted elaborate and bogus tax schemes, primarily to help his wealthy […]