Category: Featured Articles

New Hampshire Man Pleads Guilty To Filing False Tax Return

Monday, October 20, 2014

For Immediate Release

U.S. Attorney’s Office, District of New Hampshire

WASHINGTON – A Hampton, New Hampshire, man pleaded guilty today in the U.S. District Court for the District of New Hampshire to filing a false federal income tax return for tax year 2009, the Justice Department and Internal Revenue Service (IRS) announced.

According to court documents, Menashe Cohen, an oriental carpet dealer, and his sister maintained an undeclared bank account at UBS in Switzerland that had a bal

Former Florida Resident Indicted for Tax Evasion and Failing to Report Foreign Bank Accounts

FOR IMMEDIATE RELEASE Wednesday, February 10, 2021 Former Florida Resident Indicted for Tax Evasion and Failing to Report Foreign Bank Accounts A federal grand jury returned an indictment today charging Lucia Andrea Gatta, a former resident of Palm Beach County, Florida, with tax evasion and failing

Los Angeles Man Pleads Guilty to Not Reporting over $1 Million Held in Israeli Offshore Accounts

Los Angeles Man Pleads Guilty to Not Reporting over $1 Million Held in Israeli Offshore Accounts Monday, August 20, 2018 For Immediate Release U.S. Attorney’s Office, Central District of California LOS ANGELES – A Los Angeles man pleaded guilty today in U.S. District Cou

Azizur Rahman Indictment FBAR case

ALEXANDRIA, Va. – A federal grand jury returned an indictment today charging a Herndon man with failing to file Reports of Foreign Bank and Financial Accounts (FBARs) and filing false documents with the IRS.

According to the indictment, Azizur Rahman, 70, had a financial interest in and signature authority over more than 20 foreign financial accounts, including accounts held in Switzerland, the United Kingdom, the Republic of Singapore, and Bangladesh. For the years 2010 through 2016, Rahman allegedly did not disclose his interest in all of his financial accounts on annual FBARs, as required by law. Rahman also allegedly filed false individual tax returns for the tax years 2010 through 2016 that did not report to the IRS all

Recently enacted legislation termed “CTA” that may affect your tax planning

Recently enacted legislation termed “CTA” may affect your tax planning. The recently enacted legislation is part of the National Defense Authorization Act (NDAA) enacted by Congress on January 1, 2021, through the override of a presidential veto. The NDAA is a series of federal laws primarily sp

New Panama laws for declaration of the ultimate Beneficial Owners

If you have not learned from the Panama Papers debacle, then listen up to the newly enacted Panama laws for declaration of the ultimate Beneficial Owners’ reporting requirements. Penalties are extremely harsh!

The resident agent will be sanctioned with fines ranging from $1,000 to $50,000 for each legal person whose information is not registered or updated, considering the seriousness of the offense, the degree of recidivism, the magnitude of the damage, and the size of the resident agent. On the other hand, the Super Intendency of Non-Financial Subjects will order the Public Registry of Panama to suspend the corporate rights of legal entities that have not been registered or updated in the Unique System of Registration of Ultimate Beneficial Owners by their reside

Potentially abusive use of the US-Malta tax treaty

Some U.S. citizens and residents are relying on an interpretation of the U.S.-Malta Income Tax Treaty (Treaty) to take the position that they may contribute appreciated property tax-free to certain Maltese pension plans and that there are also no tax consequences when the plan sells the assets and d

FinCEN Report to U.S. Senate’s Committee on Banking, Housing and Urban Affairs.

United States Senate on May 2019 Issue: Eliminating anonymous shell corporations by collecting beneficial ownership information in order to preserve our national security and protect our people from harm. I. THE MERCHANT OF DEATH A Russian arms dealer nicknamed the “The Merchant of Death,

U.S. Treasury’s Financial Crimes Enforcement Network, FinCEN.

COVID-19 FRAUD: Federal Bureau of Investigation

The Federal Bureau of Investigation and the Small Business Administration Office of Inspector General initiated an investigation into the submission on behalf of five businesses of fraudulent Paycheck Protection Program (PPP) loan applications for approximately $800,000 each. BSA data played an integral role in identifying numerous leads on subjects associated with the fraud and to identify the flow of fraudulent funds. The BSA records also helped uncover a separate scheme by the main subjects of the investigation involving fraudulent auto loans.

Authorities seized a vehicle valued at $125,000, jewelry, over $120,000 in cash, and over $3 million fr

Robert F. Smith

Robert F. Smith Background and Non-Prosecution Agreement INTRODUCTION: Mr. Smith in 2020, at the age of 57, entered into a Non-Prosecution Agreement, NPA, with the IRS. Let’s look at what I believe happened to Mr. Smith to cause his personal and professional life to intersect with potential