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May 2013 Archives

Doctors arrested for tax evasion

Massachusetts residents, like others, are required to pay a certain portion of their income in taxes or risk punishment. While arrests for income tax evasion are not common, they do occur from time to time. The Department of Justice reports that a couple in the Caribbean have been indicted for concealing money in offshore bank accounts in order to defraud the Internal Revenue Service.

IRS subjected to criminal investigations

Massachusetts residents may be interested in a recent IRS criminal probe, which followed allegations that the agency unfairly targeted conservative groups seeking tax-exempt status. The IRS admitted that its employees used names containing phrases like "patriot" and "tea party" to decide whether or not to force specific organizations to undergo extra reviews. The White House and the Attorney General's office have since condemned these practices.

Massachusetts man charged with tax evasion

A Milford man has been charged with using evasive tactics to avoid paying taxes on his income. The tax evasion charges spring from allegations that he used check-cashing services to cash the majority of his check received from clients for his masonry business. He is also accused of paying his employees in cash and failing to withhold taxes on their income.

Taxpayers may wind up paying for mistakes later

When individuals complete their personal or business taxes, they are often interested in minimizing their tax obligation. However, some Boston taxpayers may not be completing their tax returns in an honest manner. This can result in Boston taxpayers receiving a refund or smaller tax debt now, but being subject to tax audits and paying a larger tax amount with interest and fees later.

Government pursuing offshore accounts for tax evasion

A billionaire's wife in Russia has accused her estranged husband of hiding significant assets to keep them from her through their divorce process. The two have battled over the accusations in at least seven countries concerning a portion of the man's $9.5 billion estate beginning in 2008 when the wife filed the divorce complaint. This situation has larger implications due to the use of offshore accounts and the government's mission to pursue individuals in Boston and other areas who are using these types of accounts to commit tax evasion.The billionaire's wife in this case is accusing her husband of using offshore holding companies and trusts to hide the couple's assets. She claims that he has stashed away approximately $500 million of art, a yacht valued at $80 million and jewelry worth approximately $36 million. She has pursued her case in a variety of courts, including one in the United States to go after approximately $6 billion that she believes is owed to her. Her case represents the significant value of assets that some people attempt to hide through the use of offshore accounts.

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