The Internal Revenue Service provided updated statistics showing continued growth in electronic filing of tax returns. So far in 2013, more than 43 million people have self-prepared and e-filed their tax returns from home, an increase of more than 4 percent compared to the prior year. Through May 10, the IRS received more than 43.6 million…
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GAO report reveals minnows paid penalties of as much as 129x tax owed in OVDP.
On Mar 27, 2013, the Government Accountability Office released a new Report to Congressional Requesters on “Offshore Tax Evasion”, which warns that the “IRS Has Collected Billions of Dollars, but May be Missing Continued Evasion”. It provides more in-depth information about the characteristics of OVDP participants, and also reveals some details about the treatment of…
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No Safe Havens for Offshore Tax Cheats … The IRS, Australia & UK Audit Leaked Information!
We originally posted on Monday, May 6, 2013,Whistleblower Exposes Massive Offshore Corruption!, where we discussed a whistleblower's release of information to the International Consortium of Investigative Journalists concerning off-shore holdings of people and companies in more than 170 countries and territories hiding trillions of dollars in income and assets. Today the IRS announced in IR-2013-48, that the…
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Tax Court Decided That A MD's Asset Protection Trust Was A Sham!
The Tax Court has held, on that trusts established for asset protection by a doctor were shams. The trusts were disregarded and the doctor and his professional corporations owed taxes and penalties, as a result. The Court said that tax motivation alone, is not sufficient grounds for disregarding the trusts. To Determine whether an a An…
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