IRS “Reopened” Offshore Voluntary Disclosure Program: 2012-?
In January, the IRS announced it reopened indefinitely its offshore voluntary disclosure program. It’s no surprise. After all, the IRS has collected more than $4.4 billion from the previous two...
View ArticleIf You Owe Uncle Sam, You Might Stay with Uncle Sam
On March 14, Senate Bill 1813 was passed by the U.S. Senate. The bill is described as “[a]n Act to reauthorize Federal-aid highway and highway safety construction programs, and for other purposes.” One...
View ArticleMiccosukee Tribe: Bingo with Taxes
The tax problems of the Miccosukee Tribe continue. In January, I wrote about the tribe’s malpractice suit against its former attorney that claimed he had provided erroneous legal advice with respect to...
View ArticleNo “Finders Keepers” with IRS Refunds
Suppose your filed 2011 Form 1040 reflected a refund due of $754. You elect to receive the refund by paper check in the mail. Six weeks later, you receive an envelope from the IRS, open it, and find...
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Trapped by the IRS
TMZ is reporting American singer-songwriter R. Kelly owes the IRS over $4.8 million in back taxes. The balances due: via Wikipedia 2005 - $1,472,366.77 2006 - $710,520.51 2007 - $376,180.11 2008 -...
View ArticleOffshore Tax Investigations: First Switzerland, Is Israel Next?
Maybe. The strongest indication emerged last week when a superseding indictment was unsealed, charging three American tax preparers for assisting their clients with concealing assets and income in...
View ArticleFeds Seek Forfeiture in Billion Dollar Gambling Ring Case
According to a story from NBC 5 Dallas-Fort Worth, federal authorities have uncovered an illegal sports gambling ring located in North Texas that took in over $1 billion in revenue from September 2009...
View ArticleGAO: Bitcoin Presents Tax Compliance Risks
Last month, the U.S. Government Accountability Office (GAO) issued a report to the U.S. Senate Committee on Finance titled Virtual Economies and Currencies: Additional IRS Guidance Could Reduce Tax...
View ArticleIRS: Mined Bitcoins are Taxable
Let’s applaud the Internal Revenue Service for issuing fresh guidance on the agency’s application of the tax law to virtual currencies. I was nodding along until reaching the discussion of “mining”...
View ArticleFederal Judge: Offshore Online Gambling Accounts Are Reportable Foreign...
A federal district court judge in California has ruled that FirePay, PartyPoker, and PokerStars online gambling accounts are subject to the foreign financial account reporting rules. Ok, so who cares?...
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