Commercial Law & Contracts, Criminal Law, Tax Law

Third Circuit Court of Appeals Affirms Tax Court Decision on CARDS Tax Shelter

by Fuerst Ittleman David & Joseph, PL on 3/13/2013

On February 25, 2013, the United States Court of Appeals for the Third Circuit in the case of Crispin v. Commissioner, ___ F.3d ___, 2013 U.S. App. LEXIS 3852 (3d Cir. 2013), available here, affirmed the decision of the Tax...more

Gaming Legal News - January 17, 2013 • Volume 6, Number 2

by Peter Kulick | Dickinson Wright on 1/30/2013

In This Issue: - I-GAMING IN THE UNITED STATES VERSION 2013: BACK TO THE STATES? Optimism had inched higher that the United States would shift its i-gaming policy from a prohibitory approach to allowing some form of...more

Avoiding “Responsible Person” Liability For Payroll and Sales Taxes

by Chad Williams III | Saul Ewing LLP on 1/25/2013

One benefit of conducting business through a corporation, limited liability company or other limited liability entity is the “shield” from personal liability that these entities generally afford stockholders, directors and...more

White Collar Watch - October 2012

by Saul Ewing LLP on 11/1/2012

In This Issue: - SEC Issues Cease and Desist Order Against Goldman Sachs for Pay-to-Play Violations page 1 - 3 - A Change in Tack: The Government Turns its Attention Away from Pharmaceutical Companies and Toward...more

Tax Evasion Case of 5 Restaurant Owners

by Darrin Mish, Tampa Tax Attorney on 5/21/2012

The 5 owners of the Nifty Fifty’s chain of restaurants were charged by the IRS for tax evasion, according to US Attorney Zane Memeger. The case was announced by Memeger, IRS Acting Special Agent in Charge Akeia Connor with...more

Parallel IRS Investigations Have Returned After a 35-Year Hiatus

by Duane Morris LLP on 5/3/2012

Danger is lurking in the world of Internal Revenue Service audits, namely, parallel investigations. Parallel investigations by the IRS are simultaneous civil and criminal investigations of an individual or business entity,...more

More of Your Assets May Be Exposed Than You Think

by Akerman Senterfitt on 12/22/2011

Following the precedent set by the United States Government’s settlement with UBS in 2009, the United States Government has offered eleven (11) financial institutions in Switzerland and Israel a settlement agreement in which...more

Focus of Internet Poker Settlement: ENFORCEMENT

by Sanford Millar on 12/19/2011

Recent reports are that a deal has been agreed to by all interested parties which would allow the sale of Full-tilt assets to a French Company (GBT). As reported part of the purchase includes a payment of $80M USD by the...more

DOJ Alleges FT Players Are Merely General Unsecured Creditors

by Sanford Millar on 10/10/2011

The position of the DOJ and by inference the fate of the players claims to funds seized by the DOJ is clearly revealed in the Motion to Dismiss the claim of Adam Webb in the Civil Forfeiture case. The government unequivocally...more

Celebrity Poker Games Played Out in Front of the IRS

by Sanford Millar on 7/7/2011

The recent stories about certain celebrities who won or lost large sums in Hollywood big games raised some interesting issues. In one story a trustee in bankruptcy has brought “claw back” actions against players who won very...more

Gaming Legal News - June 15, 2011 • Volume 4, Number 19

by Dickinson Wright on 6/15/2011

In This Issue: - THE 800-POUND GORILLA LURKING BEHIND THE I-POKER INDICTMENTS – U.S. TAX CONSEQUENCES TO ONLINE PLAYERS by Peter J. Kulick - FEDERAL INDICTMENTS SPUR I-GAMING CONFERENCES by Robert W. Stocker...more

Voluntary Disclosures and Deduction of Online Gambling Losses

by Sanford Millar on 6/13/2011

In general, losses from gambling are limited to gains from gambling for non-professional gamblers. In order to take the losses the gambler/player must be able to substantiate (that is have records which show how much was...more

Is A Tax Amnesty Needed for Online Poker Players

by Sanford Millar on 4/25/2011

On April 15th founder of the three largest on-line poker sites, PokerStars.com, Fulltiltpoker.com and AbsolutePoker.com were indicted. The case is filed in the United States District Court for the Southern District of NY. It...more

Internet Poker Indicted! Who Is Next?

by Sanford Millar on 4/18/2011

Friday, May 15, 2011 an indictment was unsealed against certain “Founders” of the three major (by market share) Internet Poker Sites. The indictment charges 11 individuals with a variety of felonies, including Money...more

Newsletter Spanish Law updates by Busquets Abogados

by Juan Busquets on 12/20/2010

Brief report os some Spanish Law updates December 2010 (civil law, commercial law, tax law and accounting)....more

Foreign Account Tax Compliance Act of 2009 – United States to Financial Institutions: Cooperate with Anti-Tax Evasion Efforts or...

by Morrison & Foerster LLP on 10/29/2009

On October 27, 2009, Senator Max Baucus (D-Montana) and Representative Charles Rangel (D-New York), chairmen of the Congressional tax writing committees, introduced the Foreign Account Tax Compliance Act of 2009 (the “Bill”)...more

IRS Offshore VDP -- Last Opportunity for Taxpayers to Avoid Criminal Prosecution and Penalties?

by Duane Morris LLP on 6/2/2009

As a result of the current state of the economy and recent calls for more regulation on international finance, it should come as no surprise that the federal government is seeking ways to close tax havens and increase...more

DOJ Targets Approximately 20,000 Investors as Co-Conspirators in Criminal Tax Fraud Investigation of UBS

by Fenwick & West LLP on 11/19/2008

The United States Department of Justice has opened a new front on its war against allegedly fraudulent tax shelters. On November 12, 2008, the United States indicted a senior executive at UBS AG for tax evasion. The...more

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