Many Texans have been through calamitous weather conditions in recent months. Floods, tornadoes and storms have hit hard, causing extensive damage. If you are one of the people who suffered storm damage, how will that affect your taxes? In this post, we will take note of some tips from the […]
California’s Division of Labor Standards Enforcement (DLSE) recently held that an Uber driver is an employee, rather than an independent contractor, in a decision that could have far-reaching ramifications for the popular and quickly expanding app-based car service. Uber has appealed the ruling. There are many advantages to a business […]
In the first part of this post, we began discussing how federal regulators use non-prosecution agreements (NPAs) and deferred prosecution agreements (DPAs) to resolve various legal compliance concerns. In the tax community, this has particularly been the case with offshore accounts. Indeed, for nearly two years, the Tax Division of […]
Recently, there have been many stories involving people being prosecuted – or assets being seized – due to withdrawals or deposits being conducted at the bank in amounts less than $10,000. Most noteworthy is the example of former House Speaker Dennis Hastert, who was recently indicted for it. These reports […]
We will conclude our two-part post on non-prosecution agreements regarding offshore accounts in next week’s post. This week we will take note of the ongoing story of a serious data breach at the IRS. In early June, the Senate Finance Committee held a hearing on the breach, after hackers gained […]
The Department of Justice has unsealed a 47 count indictment against 14 individuals related to allegations of FIFA corruption, including charges of tax fraud, money laundering, wire fraud, and racketeering. As part of the alleged conspiracy spanning 25 years, the co-conspirators used false consulting agreements to disguise the illicit payment […]
Rothschild Bank AG and Banca Credinvest SA are the two latest Swiss Banks to settle with U.S. authorities as part of the Department of Justice’s ongoing Swiss Bank Program. In exchange for non-prosecution agreements, the banks will pay fines and turn over detailed information about their American clients. Rothschild was […]
In recent years, increased U.S. enforcement of offshore account reporting requirements has not only affected individual taxpayers. Foreign financial institutions have also been deeply affected. Swiss banks, historically a haven for undisclosed accounts, have come under particular scrutiny. And so it was no surprise that Forbes reported this week on […]
In the first part of this post, we began discussing the issue of worker classification for purposes of paying (or avoiding) payroll taxes. The issue of worker vs. contractor has been around for years, but is as timely as ever. As we noted, this is because revenue agencies have been […]
At an annual Offshore Alert conference, the director of the IRS offshore voluntary compliance initiative revealed that the IRS recently issued John Doe summonses to seven more foreign private banks. While he did not reveal which banks the summonses were issued to, he did say that they were not limited […]