The Supreme Court has declined to review the DC Circuit's affirmance of a Tax Court decision that, for purposes of determining whether IRS has met the requirement in Code Sec. 6330(a) that it notify the taxpayer by mail no less than 30 days before the date of a levy that the taxpayer has the right…
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Panama Papers Lead To Indictment Of 4 (3 Professionals & 1 Client)
According to Law360, New York federal prosecutors announced the indictment of a lawyer and three other men on December 4, 2018 on charges of wire fraud, tax evasion and money laundering, tying the case to the 2016 leak of documents from the law firm Mossack Fonseca called the Panama Papers. Law enforcement officials described the charges…
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IRS Update Makes Voluntary Disclosures For Foreign Accounts More Expensive
The cost of voluntarily disclosing previously unreported offshore assets to the IRS avoid criminal prosecution, just got more expenses under an updated procedures the revenue agency released on November 29, 2018. IRS deputy commissioner for services and enforcement Kirsten Wielobob issued a memorandum on November 20, 2018 that the IRS posted publicly Thursday, November 28, 2018,…
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Decade Of Dodging US Taxes Gets UK Lawyer 20 Months in Prison
According to Law360, a Manhattan federal judge sentenced English lawyer Michael Little to 20 months in prison on November 20, 2018 for helping the children of a deceased investor dodge taxes on their $14 million inheritance over a decade and for failing to pay his own taxes, ruling also that the former Royal Marine lied as he…
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