In a recent announcement, the California Controller has indicated his office is broadening a review of public employee retirement accounts. He stated that his office needed further time to complete the audits so they can review all the targeted accounts. These...
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IRS Audits Lead to Fraud Referrals as the IRS Seeks to Collect Revenue
Although most taxpayers are not deliberately trying to commit a crime by filing a "creative" tax return, or simply not filing a tax return, the reality is that such action, or inaction, can in fact lead to a criminal or civil fraud investigation. Although the statute...
$104 Million Awarded to Whistleblower by the IRS
A recent article in Reuters reveals that the Internal Revenue Service (IRS) acknowledged that information provided by Bradley Birkenfeld was so helpful in revealing the secrets of the Swiss banking system that he would receive a $104 million whistle-blower award. Mr....
IRS Announces That Per Capita Payments From Settlement of Tribal Trust Cases Are Not Taxable
The United States entered into agreements earlier this year with certain federally recognized Indian tribes to settle long-running lawsuits in which the tribes accused the Interior Department and the Treasury Department of mismanaging the monetary assets and natural...
IRS Uses Social Network Data Mining to Find U.S. Taxpayers with Foreign Accounts
Most people use social networks to stay connected to friends, family and colleagues, and now the Internal Revenue Service (IRS) has taken the social network concept and has begun using data mining technology to find U.S. taxpayers with foreign bank accounts. Bloomberg...
Good News for Taxpayers with Certain Foreign Retirement Plans, Including Canadian Registered Retirement Savings Plans
Beginning September 1st, the IRS will allow taxpayers relief who have unresolved issues related to certain retirement plans, such as a Canadian Registered Retirement Savings Plans.If the United States has a tax treaty with the foreign country holding the retirement...
Good News for Taxpayers Living Abroad with Unfiled Tax Returns or FBAR Reports
Beginning September 1st, some taxpayers living abroad who have not filed tax returns will get help from the IRS, if little or no back taxes are due. This is a great relief to taxpayers who have lived overseas and have failed to file timely tax returns or Reports of...
Court Orders Production of Foreign Bank Account Records Despite Claim for Fifth Amendment Privilege
On August 27th the Seventh Circuit decided In Re: Special February 2011-1 Grand Jury Subpoena Dated September 12, 2011. The Court held that the required records doctrine requires a taxpayer asserting a Fifth Amendment privilege to produce the documents required to be...
83 Year Old Pleads Guilty to FBAR Violation – Faces 3 Years in Prison
83 year old, Jacques Wajsfelner, who held Swiss bank accounts at Credit Suisse Group AG (Credit Suisse) and Wegelin & Co. pleaded guilty to hiding approximately $5.7 million from Internal Revenue Service (IRS).Mr. Wajsfelner admitted in a New York federal court...
Increase in IRS Summons Enforcement
The IRS has more than tripled its use of administrative summons since 2005 to obtain financial documents when taxpayers refuse to cooperate. In fact, this was the most litigated issue by the IRS last year initiated by the more wealthy individuals and businesses who...
