John D. Stanton III stalled an Internal Revenue Service audit for four years, promising he would submit corporate tax returns for his company while secretly diverting tens of millions of dollars to himself.“You defrauded the government out of millions of dollars. Your purposely evaded the IRS,” U.S. District Judge Virginia M. Hernandez Covington told the…
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Bitcoin – The new VIrtual Tax-Haven?
Some experts think the digital currency Bitcoin is about to be regulated by the US authorities, who suspect it is being used to evade taxes. The Treasury unit called FinCEN, the Financial Crimes Enforcement Network, already has rules about Bitcoin. The IRS is likely to follow. FinCEN says Bitcoin exchanges and Bitcoin miners should register as Money…
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“Stars” Wars Begins With the IRS!
The Internal Revenue Service disagrees with four major banks over structured transactions done a decade ago with Barclays Plc, which the IRS lacks "Economic Substance." In the first STARS case to go to trial, the U.S. Tax Court ruled that the transactions lacked "economic substance," meaning they were done solely for tax purposes. A judge…
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Americans Renouncing U.S. Citizenship Increased 6X so far in 2013!
Americans renouncing U.S. citizenship increased 6X in the second quarter from a year earlier as the government prepares to introduce tougher asset-disclosure rules. Expatriates giving up their nationality at U.S. embassies climbed to 1,131 in the three months through June from 189 in the year-earlier period, according to Federal Registerfigures published today. That brought the first-half…
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