Tax law

From the Tax Law Offices of David W. Klasing - CFO of Offshore Company Sent to Federal Prison over Undisclosed Foreign Accounts and Unreported Offshore Income

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Tuesday, April 9, 2024
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For instance, low-income earners might engage in tax evasion by underreporting their income or overstating deductions to minimize tax liability.

Key Points: 
  • For instance, low-income earners might engage in tax evasion by underreporting their income or overstating deductions to minimize tax liability.
  • In 2023, a former offshore Chief Financial Officer, "CFO" received an 86-month prison sentence for concealing assets and income from tax authorities.
  • After Coutts Bank made an initiative to comply with U.S. tax reporting requirements, The offshore CFO moved the funds to Hyposwiss.
  • However, in the years that followed, the offshore CFO continued to mislead his accountant regarding his foreign accounts.

From the Tax Law Offices of David W. Klasing - South Carolina Man Sentenced to Prison After Tax Conviction

Retrieved on: 
Friday, March 29, 2024
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IRVINE, Calif., March 29, 2024 /PRNewswire/ -- According to a Department of Justice press release , a South Carolina man was recently sentenced to serve time in federal prison after a criminal tax conviction.

Key Points: 
  • IRVINE, Calif., March 29, 2024 /PRNewswire/ -- According to a Department of Justice press release , a South Carolina man was recently sentenced to serve time in federal prison after a criminal tax conviction.
  • Regardless of your business or estate needs, the professionals at the Tax Law Offices of David W. Klasing are here for you.
  • Contact the Law Offices of David W. Klasing today to discuss your business with one of our professionals.
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From the Tax Law Offices of David W. Klasing - Federal Courts now Using Intended Tax Loss, rather than "Actual" Tax loss in Sentencing Tax Crimes

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Friday, February 9, 2024
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In the case of United States v. Upshur, the Third Circuit held that intended tax loss will be used in sentencing calculations for tax crimes instead of actual tax loss.

Key Points: 
  • In the case of United States v. Upshur, the Third Circuit held that intended tax loss will be used in sentencing calculations for tax crimes instead of actual tax loss.
  • The intended loss is the loss that would have occurred if the defendant had successfully evaded their tax obligations.
  • Intended tax loss refers to the financial loss the government would have sustained if a defendant's tax crimes were successfully completed.
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From the Tax Law Offices of David W. Klasing - Georgia Tax Return Preparer Headed to Prison After Cheating on His Own Taxes

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Thursday, January 18, 2024
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A tax preparer from Statesboro, Georgia, ran a national return preparation business franchise from 1999 to 2021.

Key Points: 
  • A tax preparer from Statesboro, Georgia, ran a national return preparation business franchise from 1999 to 2021.
  • Regardless of your business or estate needs, the professionals at the Tax Law Offices of David W. Klasing are here for you.
  • Contact the Law Offices of David W. Klasing today to discuss your business with one of our professionals.
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From the Tax Law Offices of David W. Klasing - Maryland Business Owner and Texas Tax Preparer Charged with Conspiracy & Tax Fraud, Face Decades in Federal Prison

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Wednesday, January 10, 2024
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Court documents reveal that a business owner from Maryland and his tax preparer from Texas, were recently charged with numerous offenses including conspiracy to defraud the United States, filing false tax returns, and theft of government funds.

Key Points: 
  • Court documents reveal that a business owner from Maryland and his tax preparer from Texas, were recently charged with numerous offenses including conspiracy to defraud the United States, filing false tax returns, and theft of government funds.
  • According to the indictment, the business owner from Maryland filed at least 15 false tax returns between 2017 and 2022, fraudulently claiming nearly $65 million in false refunds.
  • Regardless of your business or estate needs, the professionals at the Tax Law Offices of David W. Klasing are here for you.
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From the Tax Law Offices of David W. Klasing - Navigating IRS Programs for Late-Filed International Information Returns

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Thursday, December 21, 2023
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The Delinquent International Information Return Submission (DIIRS) procedures involve filing late international information returns, often requiring a reasonable cause statement.

Key Points: 
  • The Delinquent International Information Return Submission (DIIRS) procedures involve filing late international information returns, often requiring a reasonable cause statement.
  • Regardless of your business or estate needs, the professionals at the Tax Law Offices of David W. Klasing are here for you.
  • Contact the Law Offices of David W. Klasing today to discuss your business with one of our professionals.
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From the Tax Law Offices of David W. Klasing - Las Vegas Man Sentenced to Federal Prison After Criminal Tax Conviction

Retrieved on: 
Tuesday, December 5, 2023
Tax law, Justice minister, Law, Justice, Risk, Collection, Tax, Multimedia, IRS, Federal, EAS, Crime, Government, Cryptocurrency, Tax advisor, Online shopping

Additionally, the couple was accused of failing to pay their 2014 through 2018 federal tax bill, altogether.

Key Points: 
  • Additionally, the couple was accused of failing to pay their 2014 through 2018 federal tax bill, altogether.
  • Regardless of your business or estate needs, the professionals at the Tax Law Offices of David W. Klasing are here for you.
  • Contact the Law Offices of David W. Klasing today to discuss your business with one of our professionals.
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From the Tax Law Offices of David W. Klasing - California and the IRS are Targeting Taxpayers Who Claimed a Large Conservation Easement or Captive Insurance Deduction

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Friday, November 17, 2023
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In July 2020, the U.S. Tax Court took a significant step by invalidating four more abusive syndicated conservation easement transactions.

Key Points: 
  • In July 2020, the U.S. Tax Court took a significant step by invalidating four more abusive syndicated conservation easement transactions.
  • The IRS responded by urging taxpayers involved in such transactions to promptly accept any settlement offers from the agency.
  • Get assistance from our Dual-Licensed California Tax Lawyers & CPAs by calling the Tax Law Offices of David W. Klasing at (800) 681-1295.
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From the Tax Law Offices of David W. Klasing - New IRS Unit Targets High-Income Individuals and Pass-Through Entities

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Friday, October 6, 2023
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This new unit will be integrated into the LBI division and incorporate individuals recruited through a recent IRS hiring initiative.

Key Points: 
  • This new unit will be integrated into the LBI division and incorporate individuals recruited through a recent IRS hiring initiative.
  • IRS Commissioner Danny Werfel emphasized the agency's commitment to ensuring that the wealthiest taxpayers fully fulfill their tax obligations.
  • These entities pass their income through to individual or corporate owners and are taxed at their respective income tax rates.
  • Regardless of your business or estate needs, the professionals at the Tax Law Offices of David W. Klasing are here for you.

From the Tax Law Offices of David W. Klasing - Financial Crimes Enforcement Network (FinCEN) Targets Payroll Tax Evasion in Construction Sector

Retrieved on: 
Thursday, August 31, 2023
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IRVINE, Calif., Aug. 31, 2023 /PRNewswire/ -- The Financial Crimes Enforcement Network (FinCEN) is a U.S. government agency responsible for combating financial crimes.

Key Points: 
  • IRVINE, Calif., Aug. 31, 2023 /PRNewswire/ -- The Financial Crimes Enforcement Network (FinCEN) is a U.S. government agency responsible for combating financial crimes.
  • If you need help dealing with a tax issue, seek support from our Dual-Licensed Tax Lawyers & CPAs at the Tax Law Offices of David W. Klasing by dialing (800) 681-1295.
  • The Financial Crimes Enforcement Network (FinCEN), in collaboration with IRS Criminal Investigation, has issued a notice addressing the escalating issue of payroll tax evasion and Workers' Compensation fraud in the U.S. real estate construction industry.
  • Payroll tax evasion takes various forms, each involving different tactics to manipulate financial systems and avoid tax obligations.