Investing more money in tax administration would result in more efficient tax collection, which could help close the so-called tax gap of revenue lost to noncompliance, federal officials told a congressional panel on May 9, 2019. More money invested in the Internal Revenue Service would lead to more revenue collection and improved taxpayer compliance, the…
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Precious Metals Broker Sentenced to Prison for Willfully Failing to File Tax Returns
An Atlanta precious metals broker was sentenced to 21 months in prison following his Dec. 12, 2018, conviction by a federal jury on three counts of failing to file income tax returns. Hakim has been in custody since April 12, 2019. He was arrested and jailed after he failed to appear for his original sentencing date. According…
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Former Goldman Banker Extradited to US to Face Charges
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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