According to the DoJ, Basler Kantonalbank (BKB), a bank headquartered in Basel, Switzerland, entered into a deferred prosecution agreement (DPA) that was approved on August 28, 2018 by the U.S. District Court for the Southern District of Florida. As part of the agreement, Basler Kantonalbank will pay $60.4 million in total penalties for assisting Americans to…
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Canadian Man Sentenced to Prison for IRS Tax Fraud Scheme
According to the DoJ, a Canadian man who led a multi-million dollar tax fraud conspiracy was sentenced on August 28, 2018 to 60 months in prison. According to documents filed with the court and evidence introduced at a related trial, Daveanan Sookdeo, 46, formerly of Ontario, Canada, promoted a scheme in which Canadian citizens filed false tax…
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Transnational Database Exchange Triggers Transfer Pricing Audits
According to Margaret Kent, TransferPricingConsortium.com & Robert Feinschreiber, Charles River Associates, until now, tax administrations had lacked sufficient databases to undertake comprehensive country-by-country transfer pricing audits. Now, as of end of June 2018, tax administrations are ready to begin these audits and assessments in earnest against MNCs. The transfer pricing implementation rules cast a long shadow –…
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Understanding IRS Tax Audits – Part II
On July 24, 2018 we posted Understanding IRS Tax Audits - Part I where we discussed that careful advance preparation can help reduce the scope of a tax audit or examination and can lead to a more favorable outcome. Although a thorough understanding of the underlying facts and applicable law is a must, understanding IRS procedures…
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