October 26, 2021

Ewin James: Trump and Obama’s legacy

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By EWIN JAMES. Some people have begun screaming that President Donald Trump, by signing the Executive Order to begin dismantling Obamacare, is determined to destroy the legacy of Barack Obama as though doing so were some treasonous act. They propound the idea that Trump has some obligation to preserve the legacy of Obama, whatever that […]

Court affirms fraud award in Tax-Shelter case

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By JEFF D. GORMAN From Courthouse News Service (CN) — Consulting firm Grant Thornton must pay nearly $40 million in damages to a hotel owner for fraud and negligence in its tax advice, the Kentucky Court of Appeals ruled.      William Yung owns a hospitality company called Columbia Sussex Corp. He shares ownership with his wife, Martha, […]

TAX EVASION: Cayman Islands and US Taxpayers

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BY GARY S. WOLFE, ESQ. From California CEO Two Cayman Island financial Institutions plead guilty to aiding US taxpayers in hiding more than $130m in offshore accounts. In March, 2016 the US Dept. of Justice announced guilty pleas for Two Cayman Island Financial Institutions Cayman National Securities, Ltd. (“CNS”) and Cayman National Trust Co., Ltd. […]

Bitcoin has a lot of positives and negatives

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By Jim Rickards, The Daily Reckoning From Business Insider At various times in history, feathers have been money, shells have been money, dollars and euros are money. Gold and silver are certainly money. Bitcoin and other crypto-currencies can also be money. People say some forms of money, such as Bitcoin or U.S. dollars, are not backed […]

Fb, Leprechauns and the Cayman pot of gold

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From Business True Breaking News As I attempted to kind out the way in which firms like Fb are utilizing Eire to decrease their tax payments, I used to be starting to assume that it concerned leprechauns. I imply it is sensible. Leprechauns have these hidden pots of gold. So when you’ve got a magic […]

IRS seeks court order to make Facebook turn over info related to asset transfer

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By Kelly Phillips Erb From Forbes The U.S. Department of Justice filed a petition this week to force social networking company, Facebook Inc., to turn over information to the Internal Revenue Service (IRS) about the transfer of assets to Facebook’s Irish holding company, Facebook Ireland Holdings Limited (Facebook Ireland). The petition, which was filed in U.S. […]

Sam Wyly committed tax fraud with offshore trusts, Judge says

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By Anthony Aarons and Erik Larson From Bloomberg A federal judge in Texas ruled that former billionaire Sam Wyly defrauded the IRS by shuffling assets among a network of offshore trusts to evade millions of dollars in taxes. U.S. Bankruptcy Judge Barbara Houser in Dallas said Tuesday that Wyly, a “sophisticated” businessman, was aware of […]

DOJ Says Wyly can’t use Cayman Islands Entity as Ch. 11 Creditor

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By Law360 From LexisNexis The U.S. Department of Justice on Wednesday asked a Texas bankruptcy judge overseeing the Chapter 11 bankruptcies of business tycoon Sam Wyly and his sister-in-law to bar a Cayman Island entity controlled by the Wylys from being considered a creditor For more on this story go to: https://www.lexisnexis.com/legalnewsroom/texas/b/newsheadlines/archive/2016/04/21/doj-says-wyly-can-39-t-use-cayman-entity-as-ch-11-creditor.aspx?Redirected=true#sthash.djZiMrUN.dpuf Related stories: Wyly […]

Here’s a way to shut down Panama Papers-style tax havens — if we wanted to

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By Jon Schwarz From The Intercept It would have been infuriating at any time of the year to learn about the massive tax evasion by the global 0.01 percent revealed by the Panama Papers leak. But it’s especially maddening for regular American schlubs to hear about it in April, just as we’re doing our own […]

FATCA deadlines coming up

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By Michael Cohn From Accounting Today Banks that deal with international tax reporting are facing a slew of upcoming deadlines and regulations. Among them are those related to FATCA, the Foreign Account Tax and Compliance Act that was included as part of the HIRE Act of 2010. The controversial law was delayed several times to […]