Posts tagged "tax evasion"

DOJ Continues to Pursue Offshore Accounts, Fines Swiss Bank Over $10 Million

The U.S. Department of Justice recently entered into an agreement with yet another foreign bank, LLB Verwaltung (Switzerland) AG, for the bank's role in assisting clients evade their U.S. tax obligations. LLB-Switzerland's business with U.S. clients boomed in 2008, after it became public that UBS AG, Switzerland's largest bank, was under criminal investigation in the U.S. for a number of violations, including tax crimes. LLB-Switzerland at one point held over $176 million in U.S. client funds, which the bank's management knew were largely undeclared. As a result of the recent agreement, LLB-Switzerland will pay the U.S. a penalty of $10.6 million.

Swiss Banks Pay Big Penalties for Failure to Disclose U.S. Accounts

The Department of Justice recently imposed another $5.3 million penalty on Bank Lombard Odier & Co., Ltd., a Swiss bank that has already paid over $99 million for offering offshore banking services to U.S. taxpayers without disclosing their transactions. Since Bank Lombard signed its first non-prosecution agreement in 2015, it has acquired 88 additional accounts, again without disclosing them as required.

Prison Time for Bay Area CPA and Client Who Tried to Evade Taxes

A taxpayer recently found out the hard way that if something sounds too good to be true, get a second opinion. His San Francisco-based CPA helped him prepare and file tax returns that failed to report over $18 million in income between December 2007 and September 2013, which resulted in $4.7 million of unpaid tax liabilities. In this case, both the taxpayer and his CPA were indicted; the taxpayer entered into a plea agreement and the tax preparer took his chances --- he lost.

DOJ Shuts Down Southern California Tax Return Preparer

The Department of Justice has permanently barred a Southern California tax preparer from preparing federal returns for others, following a complaint filed by the government that the tax professional had been filing returns claiming a total of more than $9 million in fraudulent refunds since at least 2009. She agreed to the injunction and pleaded guilty to conspiracy to file false, fictitious, and fraudulent claims, tax evasion, and aggravated identity theft.

Employment Tax Crimes Can Lead to Significant Prison Time

The Department of Justice recently reminded taxpayers that evading personal or business-related tax obligations can lead to "substantial fines and penalties, and even long prison sentences." Last month, the husband-and-wife owners of a Tennessee staffing company were sentenced to 75 months and one year, respectively, of prison time for failure to pay over $2.8 million in employment-related taxes and withholdings, and for filing false employment tax returns.

Reality TV Star Pleads Guilty to Federal Tax Crimes

Mike "The Situation" Sorrentino, who formerly appeared on the reality TV series "The Jersey Shore," pleaded guilty to a charge of tax evasion for years in which he concealed a portion of his income to avoid paying the full amount of taxes owed. Sorrentino's brother, Marc, also pleaded guilty to a charge of aiding in the preparation of a fraudulent tax return for underreporting income and providing his tax return preparers with false information.

IRS Criminal Investigation Division Releases FY 2017 Report

The Internal Revenue Service (IRS) recently released the fiscal year 2017 annual report for its Criminal Investigation Division (CI). During FY 2017, CI initiated over 3,000 cases concerning Title 18 and Title 31 crimes, with 72.5% of its investigation time spent on tax matters such as refund fraud, identity theft, abusive tax schemes, and cyber crimes. Its investigations identified $2.5 billion in funds related to tax fraud, and the division had a 91.5% overall conviction rate.

What Does a San Jose Priest Have in Common with Al Capone? Prison!

No one is beyond the certainty of taxes, as a priest for the Roman Catholic Diocese of San Jose, California, discovered last week. Hien Minh Nguyen was sentenced to 36 months in prison for taking cash and checks donated to the Diocese by parishioners and depositing them into his personal bank account to pay for personal expenses. The court found that the priest embezzled a total of $1.4 million from the Catholic Church and, by concealing the embezzlement from his return preparer, evaded over $500,000 in income taxes owed to the IRS.

DOJ Still Prosecuting Tax Cheats in U.S. and Abroad

Susanne D. Rüegg Meier, a citizen and resident of Switzerland, pleaded guilty on July 19, 2017, to conspiring with U.S. taxpayers and other Swiss bankers to defraud the United States as the head of a team of bankers for Credit Suisse AG between 2002 and 2011. She was responsible for the accounts of over 1,000 clients and handled approximately $400 million in assets. Her conduct led to an estimated U.S. tax loss of between $3.5 and $9.5 million. Sentencing in this case is scheduled for early September 2017; Rüegg Meier faces a maximum of five years in prison, a period of supervised release, and restitution penalties.

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