There are both civil and criminal penalties for failure to file a Foreign Bank Account Report 90-22.1 (FBAR). Criminal Penalties: FAQ #6: What are some of the criminal charges I might face if I don't come in under OVDP and the IRS examines me? Possible criminal charges related to tax returns include tax evasion…
Read more
146 Offshore Banks & Now Financial Advisors Are Turning Over Your Names To The IRS – What Are Your Waiting For?
On April 7, 2017 we posted 145 Offshore Banks & Now Financial Advisors Are Turning Over Your Names To The IRS - What Are Your Waiting For? and since then the Government has add 1 more Financial Advisor Prime Partners SA (effective 8/15/17) to this list bringing the number to 146 Offshore Banks and Foreign Financial Advisors.The IRS keeps updating its…
Read more
Will Marinello Be The McDonnell Of Tax Crimes?
According to Law360, Carlo Marinello will argue to the U.S. Supreme Court next month that a vague tax law gives prosecutors power to criminalize anything that makes the IRS' job harder, in a case that could see the high court continue limiting broad criminal laws as it did last year in U.S. v. McDonnell. Marinello was…
Read more
Minority Shareholders Have Transferee Liability for Unpaid Corporate Taxes Due to Wrongdoing of Majority Shareholders!
The Eleventh Circuit affirmed the Tax Court's determination that petitioner was liable as a transferee under 26 U.S.C. 6901 for his former employer's unpaid taxes, in Kardash v. Commissioner of IRS, US Court of Appeals for the Eleventh Circuit, Docket: 16-14254. The Tax Court had previously found two minority shareholders liable to return several million…
Read more
