The IRS Chief announced that tax evasion in the U.S. exceeds $1 trillion a year and is going up. Internal Revenue Service Commissioner Chuck...
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Category: IRS Whistleblower
Hedge fund and manager pay New York $105 million to settle tax evasion case initiated by whistleblower
The New York State Attorney General Letitia James and New York City Corporation Counsel John E. Johnson have settled a state tax evasion case for $105 million against Thomas Sandell of Sandell Asset Management Corporation (SAMC), a hedge fund. It is alleged that Sandell, through his firm, recognized over $450 million in management and...
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Coinbase pays $6.5 million to settle charges by CFTC of fraudulent “wash trades” in Bitcoin and Litecoin
The US Commodity Futures Trading Commission (CFTC) said on Friday digital asset exchange Coinbase Inc paid $6.5 million to settle charges it reported misleading transaction data that potentially inflated the apparent trading volume on its professional GDAX platform. The fine was issued for “wash trades” in litecoin and bitcoin by a former Coinbase employee...
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North Carolina Woman Found Guilty of Health Care Fraud After Submitting Thousands of False Claims to Medicaid
Mental health company owner, Catinia Denise Farrington of Cyprus, Texas, pleaded guilty to health care fraud and tax evasion in September of 2018. As of March 1st, 2019, she has been sentenced to 60 months in prison after profiting $4 million from Medicaid and just under $400,000 from her tax evasion scheme.
Health Care Fraud...
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Puerto Rico Being Audited By The IRS for $877.9 Million in School Construction Bonds Issued in 2011
In 2011, the U.S. issued $877.9 million in bonds in an effort to build and renovate 100 schools in Puerto Rico. Now the IRS is auditing for four Series 2011 R taxable of school construction bonds that totaled $756.4 million and $121.5 million in Series 2011 T direct-pay qualified zone academy bonds.
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Bermuda Tax Haven Plays a Large Role in Opioid Manufacturer Fortune
The Sackler family empire comprises Purdue in America, Napp in Britain, and Mundipharma in Europe and Australasia. The companies have helped amass a £10 billion fortune, protected, in part, by the tax haven of Bermuda.
The Evening Standard in the UK released a report detailing that while their opioid...
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How the IRS whistleblower program works and the highest award of $105 million to one person
The IRS pays awards to people who provide specific and credible information to the IRS if the information results in the collection of taxes, penalties, interest or other amounts from the noncompliant taxpayer. The IRS looks for solid information, not guesses or speculation.
If the taxes, penalties, interest and other amounts in...
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Convicted Caymen Island financial advisors jailed and also become IRS whistleblowers
Eric St-Cyr, a Canadian investment advisor working from his Cayman Island-based financial advisory firm, Clover Asset Management and Canadian Attorney Patrick Poulin, have been sentenced to 14 months in prison for conspiring to launder money. Now, the two men are cooperating with the Internal Revenue Service (IRS) in investigations from the information they have...
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Congress makes IRS whistleblower program easier and more lucrative for whistleblowers reporting major tax evasion
The IRS whistleblower program which allows tax whistleblowers to receive between 15 to 30 percent of any proceeds the IRS collects based upon original information provided by the whistleblower, has now been broadened and significantly strengthened by Congress in favor of the whistleblowers. For years, the IRS has fought with whistleblowers as to what...
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Caterpillar Inc. owes is $2.3 Billion in taxes and penalties by IRS tally
According to a company filing, the Internal Revenue Service says that Caterpillar Inc. owes the United States Government back taxes and penalties in the amount of about $2.3 billion. Caterpillar does not agree and says it will continue to vigorously oppose the IRS position. The tax liabilities stem from Caterpillar's offshore tax strategy and...
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