Read Tax Law news, alerts, and legal commentary from leading lawyers and law firms:
Bill on Bankruptcy: The Market's Unquenchable Thirst for Junk
Hot Topics for Waste-to-Energy Investors and Developers
Monitor Thy Drink: Alcohol Import Regulations Under the TTB (Alcohol and Tobacco Tax and Trade Bureau)
Corporate Law Report: Workplace Romances, FMLA Changes, California Tax News, and More
The Corporate Law Report: First-to-File Patents, Hiring for Cultural Fit, Roth Conversions Post-Fiscal Cliff, and Global Corporate Insights
Will The Debt Ceiling Standoff End Up In Court?
Corporate Law Report - Office Party Holiday Risks, Human Trafficking, the Fiscal Cliff, More
Micah Green on U.S. Fiscal Policy
Corporate Law Report: Obamacare Deadlines, $13M for Exotic Dancer Misclassification, 2013 Medicare Taxes, More...
Tax Questions to Ask Yourself with the End of 2012 and the Fiscal Cliff Approaching
How Do We Pay For Lower Corp Tax Rates?
Polsinelli Shughart Election Analysis and Legal Insight
Why choose Bennett Jones for your Canadian Cross-Border Income Trust (CBIT)?
What are the tax benefits of a Canadian Cross-Border Income Trust (CBIT)?
Why choose Canada for a Cross-Border Income Trust (CBIT)?
What is a Canadian Cross-Border Income Trust (CBIT)?
Bill on Bankruptcy: Solyndra, Lehman, MF Global, ATP Oil, LSP Energy, Want Ads
Should you Opt-Out of the Voluntary Disclosure Program?
Weekly Brief: CFPB, Legal Fees & Hashtag Hijackers
Cost of Voluntry Asset Disclosure Program
Legal links of interest for the week ending March 15, 2013
Friday, March 15, 2013
by Steven J. Getman, Esq.
Attorney Steven Getman reports on some of the stories about courts, the law and lawyers in the news this past...more
The Foreign Account Tax Compliance Act (“FATCA”) was enacted in 2010 as part of an effort to combat tax evasion by U.S. taxpayers holding investments in offshore accounts and through offshore intermediaries. FATCA creates a...more
If you owe delinquent taxes to the Commonwealth of Kentucky, you have less than 30 days remaining to pay those taxes pursuant to the Tax Amnesty Program which concludes on November 30, 2012. After that, taxpayers who still...more
On October 31, 2012, the Crown filed a Notice of Appeal with the Federal Court of Appeal against the judgment of the Tax Court of Canada in Julie Guindon v. The Queen (2012 TCC 287). In that decision, the Tax Court held that...more
In This Issue:
- Crime And (No) Punishment: Julie Guindon V. Her Majesty The Queen
- Section 163.2 . . . . . . 2
- Section 163.2 as a Criminal Penalty . . . 3
- The Application of Section 163.2 to the...more
In what is certain to be the first step in a very important precedent, the Tax Court of Canada held on October 2, 2012 that the advisor penalties created under section 163.2 of the Income Tax Act constitute criminal offences...more
One of the questions that taxpayers in the Offshore Voluntary Disclosure programs ask is should I “opt out” of the program if the penalty is unacceptable to me. The question often arises in the context of value of assets...more
The recent announcement that the IRS granted a $104 million whistleblower award to convicted former UBS banker Bradley Birkenfeld generated front-page news coverage. Birkenfeld, the U.S.-bred former private banker who...more
As the “will he or won’t he” controversy continues to swirl around demands that Mitt Romney release multiple years of his federal income tax returns, some commentators have speculated that Governor Romney’s reluctance to...more
To combat money and tax crimes, such as tax evasion and money laundering, the United States and Korean Governments have committed to a simultaneous criminal investigation program, SCIP. The arrangement allows the respective...more
A former bank client of global financial services provider, UBS, AG, was sentenced to four months in federal prison for willfully failing to file a Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts ("FBAR"),...more
The National Taxpayer Advocate, Nina Olsen says the main reason people go to her office is to seek help because their identities have been stolen. Identity theft is a growing crime that results in stolen tax refunds and...more
This past weekend’s New York Times cover story describing the dramatic rise in identity thieves targeting the United States Treasury is old news to tax practitioners. In my January 25, 2012 post, I discussed the National...more
On February 2, 2012, Wegelin & Co., Switzerland’s oldest private bank, became the first overseas bank to be indicted by the United States for aiding tax fraud—but it may not be the last. The company is one of at least 11...more
Over the next 5 years, the Treasury Inspector General for Tax Administration (TIGTA), Russell George estimates that scammers who masquerade as other people to steal their tax refunds could get away with $26 billion in the...more
Is the IRS winning the battle against tax return fraud? Hardly. Tampa is the city that holds the dubious distinction of having one of the country’s highest incidences of tax return fraud. It is estimated that from Tampa alone...more
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
On March 28, 2012, six officers of a New York-based environmental services company pleaded not guilty to charges that they conspired to defraud the Internal Revenue Service (“IRS”). The case is United States v. Deluca et...more
On February 14, 2012, the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) issued Notice 2012-1, which extended the filing deadline for both the 2010 and 2011 Report of Foreign Bank and...more
On February 8, 2012, Treasury and the IRS issued comprehensive proposed regulations (Proposed Regulations) that would, when finalized, implement the Foreign Account Tax Compliance Act (FATCA), which was enacted in March 2010....more
HRS 231-15.3, "Signature Presumed Authentic," signing tax returns, issuance of summons for handwriting exemplars, presumption of innocense, criminal investigatory process...more
In This Article:
• Federal Government
• British Columbia
• New Brunswick
• Northwest Territories
• Nova Scotia
• Prince Edward Island
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
According to a report by Swiss weekly Sonntagszeitung on Sunday, Swiss banking giant Credit Suisse will hand over banking details of 130 of its US clients suspected of tax evasion to the US Justice Department after the IRS...more
TABLE OF CONTENTS
1.0 INTRODUCTION .... 1
2.0 KEY PRINCIPLES .... 3
2.1 “Voluntary” Self-Assessment .... 3
2.2 The Nature of Tax Penalties .... 4
2.3 Right Against Self-Incrimination .... 5
JD Supra gets your content noticed, increases your visibility and makes your marketing efforts hassle free...
Learn More or Schedule a demo