Under the check the box rules, entities owned by one person can often be disregarded for federal tax purposes. Such entities are referred to as "disregarded entities." As time has progressed since the passage of the check the box rules, the IRS has created more and more exceptions to the disregarded treatment. The following is…
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J5 Collaborate on Data Analytics Against 'Enablers'
On July 17, 2018 we posted The J5 International Tax Hunt is On! where we discussed that the tax authorities of the UK, US, Australia, Canada and Netherlands have set up a joint committee to improve international enforcement against tax crime and money laundering. The first meeting of the so-called J5 Group (Joint Chiefs of Global Tax Enforcement)…
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Former U.S. Congressman Sentenced to 10 Years in Prison for Tax Fraud and Election Crimes
According to DoJ, a former U.S. Congressman Stephen E. Stockman was sentenced on November 7, 2018 to serve 120 months in prison and ordered to pay $1,014,718.51 in restitution, to be followed by 3 years of supervised release, for orchestrating a four-year scheme to defraud charitable donors of hundreds of thousands of dollars and secretly…
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President Trump Expands Venezuela Sanctions
On November 1, 2018 President Donald J. Trump issued a new Executive Order 13850 (E.O.) blocking all property and interests in property of any person determined by the Secretary of the Treasury, in consultation with the Secretary of State: to be operating in the gold sector of the Venezuelan economy or in any other sector of the Venezuelan…
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