The Justice Department has won a tax shelter case involving Dow Chemical, in which the company was accused of creating approximately $1 billion in phony tax deductions in a scheme designed by Goldman Sachs and lawyers at King & Spalding. A federal court in Baton Rouge, La., on Monday rejected two tax shelter transactions entered…Read more
Aother UBS-Related FBAR Conviction!
According to Anthony Parent -- The US Department of Justice (DOJ) scored yet another victoryin its crusade against Offshore tax evasion. Christopher B. Berg of Portola Valley, Calif. plead guilty in U.S. District Court in San Jose, California of one count of willful failure to file, in 2005, the required report of foreign bank account (FBAR)…Read more
What … More Reporting Requirements in Addition to the Dreaded FBAR Report?
Besides having to file FBAR reports for a US taxpayer's Interest in Foreign Accounts, US Taxpayers also have the following Reporting Requirement for their Investments in Foreign Entities: · Form 5471 –Used to report that you are a 10% or more shareholder in a foreign corporation. · Form 5472 –Used to report that a US…Read more
Do You Qualify to Settle Your IRS Tax Debt For Pennies on the Dollar?
Now you no longer need to guess because the Internal Revenue Service has introduced a new tool for determining a taxpayer’s eligibility for an offer in compromise that can help lower the taxpayer’s outstanding tax debts. The IRS’s new Offer in Compromise Pre-qualifier toolHelps Tax Practitioners determine a taxpayer’s eligibility for an offer in compromise…Read more