Womack sentenced to federal prison for lying under oath [about her Cayman Islands businesses]
By James Dornbrook From Kansas City Business Journal Kansas City businesswoman Cheryl Womack was sentenced to one year and six months in federal prison without parole and ordered to pay $1.7 million in restitution to the Internal Revenue Service. Womack…
WSJ: IRS Using New Tools to Find If You Are Hiding Money Overseas
By F McGuire From Newsmax The Internal Revenue Service reportedly is getting better at finding secret stashes of overseas cash. As a result of the government’s prying eyes, “tax evaders are receiving harsher penalties than ever, including prison,” The Wall…
Cayman Islands: FATCA repeal on agenda of US Republicans
From IFC Review. Washington’s Foreign Accounts Tax Compliance Act, known as FATCA, will be assailed afresh as lawyers and lobbyists renew efforts to repeal the law as part of President Donald Trump’s tax reform, reports Cayman Compass. Washington-based Jim Jatras,…
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Ewin James: Trump and Obama’s legacy
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…
Court affirms fraud award in Tax-Shelter case
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…
TAX EVASION: Cayman Islands and US Taxpayers
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…
Bitcoin has a lot of positives and negatives
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….
Fb, Leprechauns and the Cayman pot of gold
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…
IRS seeks court order to make Facebook turn over info related to asset transfer
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…
Sam Wyly committed tax fraud with offshore trusts, Judge says
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…
