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June 2012 Archives

IRS declares new offshore disclosure programs a success

Earlier this week, the IRS released a statement saying that its voluntary offshore disclosure programs are working. Programs such as the Report of Foreign Bank and Financial Accounts, (often referred to as FBAR) which requires a Form TD F 90-22.1; and the Foreign Account Tax Compliance Act (FATCA) on Form 8938 have helped the IRS recover more than $5 billion in penalties, interest and back taxes in the last couple years.

Complaints filing in over Chelsea businessman Ponzi scheme

A Chelsea business man with at least three different business entities is under investigation by the Massachusetts Secretary of State's office and the Boston office of the Securities and Exchange Commission. Civil charges were brought against the man who was once a Chelsea Planning Committee member, alleging that he never registered with the state as an investment adviser. State authorities say the man never officially registered his companies and certainly none of them were registered to sell securities.

Human error blamed for approval of $2.1 million tax return

A 25-year-old woman has been charged with aggravated theft and computer crimes after swindling more than $2 million from the Internal Revenue Service. She incorrectly filed a false personal income of $3 million in 2011 using the TurboTax refund calculator. Her $2.1 million refund was issued on a Visa card with the full refund amount after revenue officials approved her claim.

Lauryn Hill: latest celeb to get charged by IRS

For those Bostonians who need to file extensions, schedule payments, pay off liens or appeal a tax decision, take heart. You are not alone. It seems every week there is a new celebrity charged with tax evasion, the failure to file tax returns and/or face multiple audits.

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