Massachusetts residents might have heard that six more countries have signed a pact that is intended to stop Americans from dodging the Internal Revenue Service by keeping their money overseas. The agreements are hoped to help cut down tax evasion by individuals who have bank accounts in Bermuda, the Netherlands, Malta and three UK Crown Dependencies, which include Guernsey, Jersey and the Isle of Man, according to U.S. Treasury officials. With these latest agreements, the U.S. has 18 foreign countries or dependencies on board with 11 more looking ready to sign.
Massachusetts residents may be interested in a recent case involving a former California city officialand the Internal Revenue Service. The former city manager pleaded guilty to charges related to tax evasion that were allegedly part of a plan to enrich the accused and other city employees. According to IRS officials, the accused used a corporation to claim hundreds of thousands of dollars in inaccurate losses for tax deduction purposes.
Tax laws in Massachusetts and elsewhere can be complicated and charges of tax evasion are not unheard of. In Chicago, several politicians are currently facing corruption and tax evasion charges. Recently, a former Cook County commissioner was set to begin a six-month sentence after his conviction for corruption.
A Massachusetts man has had two fraud charges dropped after agreeing to plead guilty to tax evasion. The 56-year-old man will now face between two and two and a half years in prison, rather than five. In a recent plea hearing, the man admitted to three counts of tax evasion during the years 2007, 2008 and 2009. His sentence is expected to be decided at a federal courthouse in Boston on Jan 9.
Massachusetts residents may have heard of the conviction of three men for financial crimes related to a failed bank in Georgia. Two of the defendants in this case held prominent banking positions, and reports say that their actions may have contributed to the banks failure.
Massachusetts readers may be interested to know that a former attorney was convicted in federal court. Prosecutors called it the biggest case of criminal tax fraud in United States history. The case was based on the claim that he and other men ran a 10-year long scheme that netted one billion dollars in fake losses and $7 billion in phony tax deductions. His co-defendant was acquitted by the jury.
Tax payers in Massachusetts may be interested in a recent article discussing how far back the IRS can go when attempting to charge a taxpayer with fraud or tax evasion. The answer depends on a few factors, and can range from three years to an unlimited amount of time.
A federal grand jury indicted a Pembroke man for sending papers to the U.S. secretary of the treasury, expecting payment of $100 billion. The man is facing two charges for tax evasion, seven charges of filing false tax returns, two charges of making false claims and endeavoring to impede the Internal Revenue Service.
Massachusetts residents may wish to know that, according to sources, one of the leading creation scientists is fighting the IRS over alleged taxes owed between 1998 and 2006. Kent Hovind is one of the leading advocates of "Young Earth Creationism," which holds that the Bible is inerrant. When read literally, the Bible allows for the earth's age to be about 6,000 years, rather than the scientifically accepted 4.5 billion years.
Residents of Massachusetts may be interested in a tax evasion case involving the creator of Beanie Babies. The billionaire developer of the massively popular plush toys recently pleaded guilty to charges of tax evasion. After failing to report earnings from an offshore bank account to the Internal Revenue Service, he will now have to pay a fine of $53 million and could face up to five years in prison.