Deutsche Bank Becomes Latest Bank to Cooperate With DOJ In Its Swiss Tax Evasion Probe
A day doesn’t go by without a new development regarding FATCA. Friday, October 10, 2014 was no exception. That day, in an article entitled, “Deutsche Bank to Aid U.S. Justice Department in Swiss Tax Evasion Probe,” The Wall Street Journal reported that Deutsche Bank was cooperating with the U.S. Justice Department to turn over the […]
Virtual Currencies: The Modern-day Equivalent of Your Father’s Offshore Bank Account?
In this high tech era of GPS trackers and unmanned drones, new concerns are emerging over the erosion of personal privacy space. A new federal law compels the Federal Aviation Administration to allow drones to be used for all sorts of commercial endeavors – from selling real estate to monitoring oil spills. That same law […]
Biggest Tax Fraud In History Ends In Sentencing of Ex-Lawyer To Fifteen Years in Prison
In a case dubbed “the biggest criminal tax fraud in history” by federal prosecutors, former lawyer Paul Daugardas was sentenced to 15 years in prison for helping wealthy clients dodge taxes. However, if you blinked, you might have missed it. Why? Mr. Daugedas was sentenced back on June 25, 2014, just a week after the […]
Real Housewives Stars Sentenced to Prison
For reality TV stars Joe and Teresa Giudice, a very different kind of reality awaits them. For years, the stars of New Jersey’s most popular reality TV show enjoyed celebrity-status, celebrating lavishness and self-indulgence before a national audience. Now, in an epoch fall from grace, they face the reality of a cold, dank prison cell. […]
Barcelona Star Lionel Messi In A Hot Mess: Set To Face Tax Evasion Trial
A Spanish judge ruled that Barcelona and Argentina star Lionel Messi is to face trial on allegations of tax evasion. The judge rejected the prosecutor’s recommendation to drop the charges on the grounds that Lionel’s father was responsible for his finances. Messi and his father, Jorge, are accused of defrauding authorities of more than 4m […]
L.A. Fashion District: The Most Recent Target of the U.S. Government’s Crackdown On Money Laundering & The BMPE
The Los Angeles Fashion District spans 100 blocks, with over 2,000 businesses selling fashions and accessories at 30% to 70% off retail prices. Saturdays are the busiest Los Angeles Fashion District shopping days, when wholesale-only shops open to the general public. The Sunday shopping epicenter is Santee Alley, between Olympic and Pico Boulevards, where you’ll […]
FATCA’s October 1st Numbers: Healthy or Dysmal?
Dean Byrnes recently published his monthly update on FATCA registrations in a blog entitled, “Is FATCA Failing? What do the October 1st numbers say?” Dean Byrnes breaks it all down and analyzes the statistics in a way that only he can. What you are about to read might surprise you.
Why Are Banks Saying Sayonara to U.S. Expats?
Fidelity Investments appears to be the latest unintended consequence of the United States’ stepped-up efforts to collect taxes from its citizens and residents regardless of where they live and earn their money. Last July, Fidelity decided to bar its U.S. clients living abroad from buying or trading its mutual funds. Ironically, even though it has […]
The Second Coming of The Wolf of Wall Street?
Did the Wolf of Wall Street come in like a lion and go out like a lamb or is it back with a pack, and seeking revenge? You’d think that after bringing the global economy to its knees just a few years ago, that Wall Street would have cleaned up its act. But not according to […]
From Chipolatas to Weisswurst With A Side of Cherry Tomatoes: A Recipe For Whipping Up The Streamlined Offshore Penalty In Three Easy Steps
Before reading this blog, I make the following disclaimer. If it is getting close to lunch time and you can hear your stomach growling, you might want to put off reading this until after lunch. Readers who disregard this warning are doing so at their own risk. Calculating the offshore penalty within the Streamlined Domestic […]