According to Law360, Taxpayers who have offshore virtual currency accounts should report them on a Foreign Bank and Financial Accounts form despite a lack of clear guidance from the Internal Revenue Service, as staying silent could be support for allegations of willful nondisclosure. Cryptocurrencies, including popular digital tokens like bitcoin and ethereum, are widely traded and…
Read more
Oh God Why Can't The Pastor Live High and Pay No Taxes?
According to Law360, The leader of a religious group objects to the federal criminal charges in New Jersey that he and another church official evaded taxes on about $5.3 million they took from the organization, blasting the case as part of a system designed to oppress blacks and Hispanics. “And I’m part of that oppressing,…
Read more
Supreme Court Agrees That Recklessness = Willful Failure To File FBAR!
On December 20, 2016 we posted Recklessness = Willful Failure ToFile FBAR For Partial Disclosure in OVDP Filings? where we discussed that a district court had found that the taxpayers' failure to timely file a Foreign Bank and Financial Accounts Report (FBAR) was willful where, among other things, they stopped employing a bookkeeper or keeping any books after opening…
Read more
Nail Salon Supplier Get Nailed For Filing A False Tax Return
According to the DoJ a resident of Troy, Michigan, pleaded guilty on April 26, 2018 to filing a false tax return. According to court documents, Mythi Nguyen co-owned Y & B Nail Supply, a nail salon wholesale business located in Madison Heights, Michigan. From 2009 through 2011, Nguyen underreported more than $1.1 million in…
Read more
