Following up on my recent post on the matter, I had the opportunity to speak with Colin O’Keefe of LXBN regarding the possibility that Johnny Manziel could face tax trouble if he took money for autographs and doesn’t acknowledge it. In the brief interview, I share my thoughts on what I believe he should do
Could Johnny Football Go To Jail?
ESPN reported in August that Heisman Trophy winner Johnny Manziel “…agreed to sign memorabilia in exchange for a five-figure flat fee during his trip to Miami for the Discover BCS National Championship.”
Of course the real fear for Texas A&M faithful was that he would lose his eligibility to play football for violating NCAA Bylaw
Top Reasons For Not Talking to an IRS Special Agent
The Fifth Amendment provides that “[n]o person…shall be compelled in any criminal case to be a witness against himself….”
Some people think the Fifth Amendment is just a way for people who are guilty to hide.
Maybe, maybe not – the Supreme Court in Ohio v. Reiner said the purpose of the Fifth Amendment is
“Breaking Bad” and Tax Evasion
I love the TV Series “Breaking Bad” on AMC. In a nutshell, it is about a tough luck high school chemistry teacher named Walter White who turns into a major drug dealer and murderer. This clip sets it up nicely.
Several episodes involve a cover-up of tax evasion. After her baby is born, Walter’s wife,
IRS Announces Information Sharing Agreement with Australia and the UK to Combat Tax Evasion
The IRS continues to aggressively pursue offshore tax evasion. Another example of which is plan to share tax information with Australia and the United Kingdom. The announcement says that the target is trusts and companies holding assets on behalf of residents throughout the world.
Popular countries used to create of trusts and other entities according
IRS Phishing Fraud – What Can You Do?
Every year the IRS publishes there Dirty Dozen tax scams. These are common scams that taxpayers face, but are most prevalent now during tax season.
Number two on the list is a scam called Phishing. Phishing is a scam typically carried out with the help of unsolicited email or a fake website that poses
New IRS Offshore Voluntary Disclosure Forms
In past offshore voluntary disclosures initiatives under the famed OVDI program – the IRS has continually adjusted the information it seeks from Taxpayers.
The IRS has just come out with formal IRS Forms to take the place of the Word documents used before. The new forms are:
Form 14457 – Offshore Voluntary Disclosure Letter
Form
US and Switzerland sign agreement to combat tax evasion.
The IRS has been clear that it is very serious about US taxpayers with foreign financial assets being compliant with tax reporting requirements. There have been three rounds of the Offshore Voluntary Disclosure Initiative. It is not too late to enter into the program.
Anyone with an undisclosed foreign account should seriously consider entering
How do the Federal Sentencing Guidelines work?
If you ever wondered how the Federal Sentencing Guidelines work – here is an outline of the basics:
First Step – Determine Which Guidelines Manual Applies:
The Sentencing Guidelines require that courts use the Guidelines Manual in effect on the date of sentencing. If the court determines that the use of the
Hiding Assets in Foreign Countries? Not a good idea
The IRS’ interest in cracking down on offshore tax havens is well documented. Just this week, the Department of justice announced that the oldest bank in Switzerland – Wegelin & Co. plead guilty to conspiring with U.S. taxpayers and others to hide more than $1.2 billion in secret Swiss bank accounts and the income generated