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Posts tagged "tax fraud"

Federal judge finds Sam Wyly knew system of tax shelters was improper

The latest chapter in a years-long legal saga between the IRS, the SEC, and once-prominent businessman Sam Wyly (and the estate of his late brother Charles) came this week in the form of a 459-page verdict from U.S. Bankruptcy Judge Barbara Houser. The Court found that there is "clear and convincing evidence" that Sam and Charles Wyly knew that their extremely complex and convoluted system of offshore trusts and shell corporations was designed for the sole purpose of hiding profits and other business transactions from the IRS to avoid paying taxes.

This tax season, the IRS is working overtime to fight tax fraud

As the always-busy tax season comes to an end for American taxpayers, preparers, CPAs and other financial experts, it's "business as usual" for the federal Internal Revenue Service. This year, the IRS's focus won't just be on the typical processing of individual, joint and business tax returns, though, since the agency is, through branches in several states, currently investigating nearly 300 instances of tax-related identity theft. 

Offshore account compliance, part 1: identifying the alphabet soup

Individual tax filing season gets a lot of media attention. Historically, TV stations have run footage of taxpayers rushing to the post office in order to file. Even with more and more people filing online, filing day - usually on or around April 15 - remains etched in the popular consciousness.

A downside of e-filing: data fields ripe for tax audits

The problem of tax-return fraud involving identity theft is so large that there are many different aspects to it. Last week, we wrote about the issue of how the IRS is responding to the challenge of processing returns without undue delays.