The Internal Revenue Service has been cracking down on refund fraud and identity theft through the Security Summit initiative and its Criminal Investigation (CI) work. In fiscal year 2015, CI initiated 776 identity theft investigations, which led to 774 sentencings. Individuals found guilty of this type of crime face significant jail time. The average sentence in FY 2015 was 38 months, while the longest sentence was for more than 27 years.
Gideon Misulovin, a former New York business man on trial for tax evasion and fraud in 1996, appeared in US federal court on July 17, 2015 for the first time in 19 years.
When the founder of International Investment Advisors LLC passed away in 2001, he was worth approximately $24 million. What his family may not have realized at the time was that over half of that fortune was held in overseas bank accounts and taxes had not been paid on that money. Now, the son of the financier and three more of his family members were charged with tax crimes and conspiracy.
On Friday, August 16, 2013, the US Attorney's Office for the Southern District of New York announced that Swiss lawyer Edgar Paltzer pled guilty to conspiring with U.S. taxpayers and other to evade federal income taxes and file false tax returns. Mr. Paltzer worked with U.S. taxpayers to establish and operate sham foundations and other entities to nominally hold U.S. taxpayers' accounts in Swiss banks, allowing such assets to remain undeclared to the U.S. Furthermore, when certain Swiss banks required the U.S. taxpayers to close their accounts, Mr. Paltzer assisted the U.S. taxpayers in moving their accounts to other Swiss banks willing to maintain undeclared assets on behalf of U.S. taxpayers. Mr. Paltzer faces a maximum sentence of five years in prison. He is scheduled to be sentenced on February 21, 2014. A copy of the US Attorney's press release can be found at this link http://www.justice.gov/usao/nys/pressreleases/August13/EdgarPaltzerPleaPR.php and a copy of the plea agreement can be found here https://docs.google.com/file/d/0B0SLTNWD-Z3YT0xpb1dtMVFjVlk/edit?pli=1.
A man will soon be transported by the U.S. Marshals Service to the Central District of California to face charges involving tax fraud and identify theft. The IRS Criminal Investigation division conducted the investigation that led to the man's indictment on tax crimes. The man, who was not from California, was apprehended at an airport on the east coast.
A man who dedicated 40 years of his life to the banking industry may end up doing time in prison as a result of not reporting bank accounts on his U.S. tax returns. The man, who retired in California, has been ordered to pay a fine in the amount of $1.5 million for his tax crimes. The fine is to be paid prior to his sentencing hearing.
A federal grand jury has indicted Drs. David Leon Fredrick and Patricia Lynn Hough alleging that they conspired to defraud the Internal Revenue Service (IRS) through a series of offshore accounts, using the funds buy homes in Florida, North Carolina and an airplane among other things.
The Treasury Inspector General for Tax Administration has reported that the amount of tax fraud perpetrated by prison inmates has risen upwards of 1,000 percent over the past 10 years. Reportedly, these tax crimes tend to go unpunished for years at a time. Some inmates, including many in California, are said to have managed to fleece millions of dollars from the federal government in fraudulent tax refunds.
Two Phoenix-area businessmen have been convicted of filing false federal income tax returns by concealing millions of dollars of assets in several secret Swiss bank accounts.
Well, tis the season - tax season that is. Recently, the Internal Revenue Service released its annual list of tax scams, affectionately dubbed the "Dirty Dozen." The purpose of the annual list is to caution taxpayers and improve awareness about various tax crimes. The IRS hopes the list will serve to minimize effects of tax crime on taxpayers in California, and all over the United States, as they prepare to file returns.