WASHINGTON — Refunds totaling more than $1 billion may be waiting for one million people who did not file a federal income tax return for 2008, the Internal Revenue Service announced today. However, to collect the money, a return for 2008 must be filed with the IRS no later than Tuesday, April 17, 2012. The…
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Tax Crimes as a ‘Predicate Offense' for Money Laundering?
The global body that sets standards for combating money laundering and terrorist financing said Thursday that governments should treat tax crimes as a red flag for other types of financial malfeasance, a sign that international cooperation against tax cheats is gaining momentum. The body, the Financial Action Task Force, said it was expanding its list…
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The President’s 2012 Estate & Gift Revenue Proposals
The Treasury Department has just released the GeneralExplanations of the Administration's Fiscal Year 2013 Revenue Proposals (the "Greenbook"). Attached are the Greenbook proposals to modify the estate and gift tax provisions. These proposals would: Reduce the unified estate, gift and Generation-Skipping Transfer (GST) exclusion amounts from the current $5,120,000 to $3,500,000 for estate and GST…
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Filing False Returns is a Deportable Felony – Supreme Court
The U.S. Supreme Court Feb. 21 decided that lawful permanent residents who have pled guilty to charges related to the filing of false tax returns that resulted in a loss to the government of more than $10,000 have committed aggravated felonies involving fraud or deceit and are subject to deportation (Kawashima v. Holder, U.S., No.…
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