In June, the IRS released a new form, IR-2014-73, which provided major changes in its offshore voluntary disclosure programs (OVDP) by offering new options to help both taxpayers residing overseas and those residing in the US. You can find descriptions of the specific eligibility requirements for the streamlined procedures for non-US residents and US residents. […]

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On September 9, Judge Raymond P. Moore of the US District Court for the District of Colorado sentenced Jerold R. Sorenson to 18 months in prison for obstructing an IRS investigation into a tax avoidance scheme involving $2.3 million in tax losses. According to US Attorney John Walsh of the District of Colorado, Sorenson obstructed […]

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The Internal Revenue Service (IRS) plans to begin speeding the issuance of identity protection personal identification numbers (IP PINs) now that the Agency is less worried about the potential risk involved, according to an IRS official. Mary Howard, director of the Office of Privacy, Governmental Liaison and Disclosure, said on August 12 that the IRS […]

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Richard Kinder, a man who twenty years ago helped start a boom in reorganizing large US companies so they would be exempt from corporate income tax, announced recently that he is now done with the idea. Kinder plans to consolidate his oil and natural gas pipeline empire under a single, taxable corporation known as Kinder […]

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Shortly before lawmakers left the capitol for their 5-week recess, Senate Finance Committee Chairman Ron Wyden (D-OR) and ranking member Orrin Hatch (R-UT) introduced a bill to combat tax fraud. The bill, S. 2736, was introduced on August 1 and aims to prevent fraudulent tax refund claims based on stolen taxpayer identities. To accomplish this, […]

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On August 4, the US Tax Court determined that it lacked the jurisdiction to consider an award claim by a whistleblower in a case regarding 2 Swiss bankers involved in tax evasion. The Court ruled that it couldn’t assume jurisdiction as the IRS had yet to make its final determination. Under tax code Section 7623(b), […]

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On July 11, a Caribbean-based lawyer, Patrick Poulin, pleaded guilty in a US District Court to helping launder what he knew to be “dirty money” in a sting operation conducted by undercover agents. Poulin was told that the $2 million he later tried to hide from US tax officials were the proceeds of a bank […]

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On June 4, the US government filed a civil complaint in the US District Court for the Southern District of New York alleging that Henry Levine, a New York tax attorney, promoted, implemented, or joined in at least 90 unlawful tax avoidance shelters from 2005 through 2010. The complaint also sought an injunction that would […]

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During a recent Internal Revenue Service (IRS) webinar, a key IRS official stated that taxpayers will not have to report their ownership of Bitcoin on the FinCEN Form 114, Report of Foreign Bank and Financial Accouts (FBAR) for the current filing season. Rod Lundquist, a senior program analyst at the Small Business / Self-Employed Division, […]

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On June 4, Senator Rand Paul once again halted the advance of two outstanding US tax treaties out of opposition to the treaties’ effects on taxpayer privacy. Sen. Paul has effectively prevented any further progress on the tax treaties with Switzerland and Chile for the time being by objecting to Senate Foreign Relations Committee Chairman […]

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