Malaysia has extradited a former Goldman Sachs banker to the United States for 10 months to face criminal charges linked to a multibillion-dollar scandal. Roger Ng has been detained in Kuala Lumpur since Nov. 1, 2018 after the US Department of Justice (DoJ) announced charges against him for allegedly laundering funds diverted from the 1Malaysia…
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Perfect Example of How Not to Handle an IRS Collection Matter
According to DoJ, an Aliquippa, Pennsylvania, man was sentenced to 18 Months in Prison for Tax Evasion. According to evidence presented in open court, William Rains failed to timely file his individual income tax returns for tax years 1997, 1999, and 2003-2006. Rains also filed false returns for 2000 and 2001, reporting zero income…
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3rd Circuit in “Bedrosian” Addresses Appellate Standard Of Review In FBAR Penalty Case
March 7, 2018 we posted 1st Taxpayer Victory in a "Willful" FBAR Penalty Case! where we discussed that on September 20, 2017, the Eastern District of Pennsylvania issued an important taxpayer friendly opinion regarding the "willfulness" standard in FBAR penalty matters and In Bedrosian v. United States, Case No. 2:15-cv-05853-MMB (E.D. Pa., Sept. 20, 2017), the court…
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All That You Wanted to Know About Form 706NA – Part II
We previously posted All That You Wanted to Know About Form 706NA - Part I, where we discussed that in the area of estate tax compliance, many of us have prepared Form 706’s, the estate tax return for US citizens and domiciliaries. To be sure, this form is quite voluminous and can take a while…
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