News & Analysis as of September 19, 2024

Money Laundering

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

When is a US Taxpayer Required to Disclose Offshore Accounts on an FBAR and Form 8938

Allen Barron, Inc. on 4/30/2024

When is a US Taxpayer required to disclose offshore accounts on an FBAR and IRS Form 8938? While many US taxpayers and expatriates have come to understand the requirements of the FinCEN Form 114 or FBAR, a surprising number...more

Investigations Newsletter: Home Health Care Owner Sentenced to Nine Years in Prison for Medicare Fraud Scheme

ArentFox Schiff on 2/5/2024

Home Health Care Owner Sentenced to Nine Years in Prison for Medicare Fraud Scheme - This week, the owner of a home health company was sentenced to nine years in prison for orchestrating a nearly $2.8 million scheme...more

Supreme Court Rules For Taxpayers On Non-Willful FBAR Penalties

White and Williams LLP on 3/7/2023

Taxpayers who hold foreign accounts finally received clarity as the Supreme Court ruled that the $10,000 non-willful penalty for failure to file a FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR) applies...more

IRS-Criminal Investigations Counts Down the Top 10 Cases of 2021

Gray Reed on 1/10/2022

“The investigative work of 2021 has all the makings of a made for TV movie – embezzlement of funds from a nonprofit, a family fraud ring that stole millions in COVID-relief funds and a $1 billion Ponzi scheme used to buy...more

FCInet is Connecting Data with different Worldwide Tax Organizations

Foodman CPAs & Advisors on 7/21/2020

In 2018, the Organization for Economic Co-operation and Development (OECD) issued a “call to action” for countries to do more to tackle enablers of tax crimes. ...more

IRS CI Highlights International Efforts to Tackle Cryptocurrency Abuse, Money Laundering and Tax Evasion

Ballard Spahr LLP on 12/10/2019

ABA Tax Fraud Panel to Discuss IRS CI and Crypto Criminals - The Internal Revenue Service – Criminal Investigation (IRS CI) has made it clear that it is focusing on the abuse of digital currencies to further tax evasion,...more

New Treasury Regulations Impose Conflicting Requirements on Foreign Persons with U.S. Interests

Blank Rome LLP on 9/14/2018

Few Americans consider the United States to be a money laundering haven, but it is. Earlier this year, the European Parliament wrote: - The USA is seen as an emerging leading tax and secrecy haven for rich foreigners, when...more

The “J5” is on to Cryptocurrencies

Foodman CPAs & Advisors on 8/24/2018

The Organisation for Economic Co-operation and Development (OECD) issued a “call to action” for countries to do more to tackle enablers of tax crimes. The result of this “call to action” was the establishment of an...more

Professional Racecar Driver, Convicted Of Payday Lending Fraud In New York, Now Faces Tax Charges In Kansas Along With His...

Fox Rothschild LLP on 12/21/2017

Barely two months after being convicted of running a billion dollar illegal payday lending enterprise, professional racecar driver Scott Tucker was indicted today by a grand jury on federal charges of failing to report...more

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Income Taxes › Internal Revenue Service › Money Laundering

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