We live in a high-performance culture. Year after year, in school and in the workplace, we are taught to build on our strengths, minimize weaknesses and strive for success. This mindset usually means moving quickly to correct the human errors that inevitably occur. When it comes to filing taxes, however, […]
“I hate to beat a dead horse, especially one from the Civil War era,” said Justice Department Tax Division lawyer Gilbert Rothenberg while attempting to defend the Obama administration’s effort to regulate the tax return preparation business for the first time in U.S. history. The administration’s case was based largely […]
A Saskatoon accountant was fined nearly $50,000 and sentenced to a nine month conditional jail term after being found guilty of tax evasion. Robert Tiffin, 70, was fined $49,561 for understating his net income from his accounting practice by $204,779 for the 2004 to 2007 tax years. Tiffin will also […]
European Union finance ministers called for a united global fight against tax fraud, while attempting to downplay concerns over disagreements within the bloc on crucial banking sector reforms. Officials say that tax fraud and firm’s aggressive efforts to avoid taxation have cost the 28-nation bloc’s governments an estimated 1 trillion […]
Who would’ve thought that someone able to create such sweet and loveable toys would also plead guilty to tax evasion? That’s just what millionaire businessman, Ty Warner, the creator of Beanie Babies, did on Wednesday. Warner was charged with federal tax evasion for failing to report income he earned in […]
If sugary drinks are your bread and butter then you may not be too happy with the Mexican government’s proposal to penalize sugary beverages with a special tax in an attempt to contain obesity and Type 2 diabetes. Mexico would be following the example of France and Hungary by taxing […]
Edgar A. Lockett Jr., 70, was convicted on Friday of six counts of tax evasion by an Amarillo jury after failing to pay more than $1.4 million in income taxes. Lockett, an anesthesiologist, faces up to five years in prison and was taken into custody of the U.S. Marshals Service […]
Criminal tax charges against a business owner can severely impact both the person who is charged and the business itself. A recent Texas case provides an example of the potentially double-sided consequences. The case concerns the owner of several popular nightclubs in Austin. In January of this year, the nightclub […]
In practice, one tax audit does not necessarily lead to another. Just because the IRS has conducted an audit on one year’s return doesn’t mean it will go back and audit your return from the year before or after that. A new report by the Treasury Inspector General for Tax […]
In the last few years, U.S. authorities have stepped up their efforts on multiple levels to crack down on a perceived problem with the use of offshore accounts to evade U.S. taxes. One of these levels has been to offer incentives for taxpayers with undisclosed foreign accounts to participate in […]