The US Tax Court has ordered professional golfer Sergio Garcia to pay tax on endorsement income he had claimed was tax-free under the US-Switzerland tax treaty. The court decided Garcia's contract with his sponsor TaylorMade had attributed too much of the money to royalty payments for image rights, which the treaty exempts from US tax.…
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Criminal Tax Investigations On The Rise!
Here we are in March and as many CPA's can tell you it is Tax Time. That is right Tax Time. The time of year, when the vast majority of taxpayers are about to file their tax returns. It is also the same time of year that the IRS likes to announce the names and details of taxpayers (or…
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US Court Orders Wegelin a Total Penalty of $74.3 MM!
A U.S. court on March 4, 2013 sentenced Wegelin & Co, the oldest Swiss private bank, to pay an additional $58 million after it admitted to helping wealthy Americans evade taxes. The amount was in addition to the $16.3 million in forfeitures already obtained by authorities after the federal government accused Wegelin of conspiring…
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The IRS Revokes Amnesty to US Taxpayers With Israeli Bank Accounts…They Must be Feeling Faclept?
On Monday, January 14, 2013 we poste The Long Arm of the IRS Reaches Israeli Shores - Oy Vey! which discusses the IRS activity as it relates to US Taxpayers with Secret Israeli Bank Accounts. Now we have heard that theInternal Revenue Service this week sent faxes to tax attorneys nationwide informing them that clients who were…
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