Since writing briefly yesterday about how federal investigators have raided three Caterpillar office buildings last week, in what may be a major tax evasion case, I kept going back to the New York Times article. The more I read it, the more I kept saying to myself that this could be something really major...
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Category: Tax Fraud
Caterpillar Inc. facilities raided by IRS and other agencies in investigation over possible tax evasion using offshore shell companies
Multiple federal agencies including the Internal Revenue Service's Criminal Investigation Division and the Commerce Department, raided and searched three of Caterpillar's facilities in Illinois including its headquarters . The search warrant, issued by Justice Harold Baker, United States District Court Judge from the Central District Federal Court in Illinois, specified a search for evidence...
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$90 Billion in tax revenue lost to offshore tax havens–time to close the loopholes!
Many of America's largest companies create and maintain subsidiaries in offshore tax havens. This allows them to avoid paying an estimated $90 billion in federal taxes each year, according to a report by Citizens for Tax Justice and the IRS. Depending on how these subsidiaries are set up, they may or may not meet...
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My Pillow to pay $1.1 million to settle whistleblower case for unpaid sales/use taxes on internet sales
My Pillow will pay the State of New York $1.109 million to settle a False Claims Act case in which the company knowingly failed to collect New York use taxes on internet and telephone sales to New York customers. This is the first New York False Claims Act settlement for unpaid taxes on internet...
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Two whistleblowers yield $17.8 Million in tax evasion case
In a ruling that expands the rights of whistleblowers two whistleblowers were allowed to obtain a portion of criminal fines and civil forfeitures in addition to their part of the taxes the government has recouped says the U.S. Tax Court. The case involved a Swiss bank which pleaded guilty in 2013 to conspiring with...
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Billionaire Sam Wyly found to have defrauded IRS which seeks $1.9 billion in recovery
Billionaire Sam Wyly off Texas defrauded the IRS by shifting his assets between a grouping of offshore trusts and evaded millions in taxes, a federal judge has ruled. The SEC had filed a lawsuit against Wyly and his brother in 2010 and in 2014, a federal jury in Manhattan found the brothers had used...
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U.S. Department of Justice reviewing tax evasion leak of Panama papers for criminal wrongdoing linked to U.S.
The U.S. Justice Department says it's reviewing the "Panama papers" tax evasion leak for evidence of possible criminal wrongdoing that might have a link to the United States or to its financial system. Spokesman Peter Carr said the department is aware of the Panama Papers data leak containing information on the offshore financial dealings...
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Facebook accused of tax evasion in United Kingdom, ordered to pay millions
Facebook has now been ordered to pay taxes in the UK, over any profits brought in by its advertisement business in Britain. The world's largest social network will no longer be able to route revenues contributed by its largest advertisers, through Ireland. Facebook profits by displaying users ads in News Feed, Pages, for...
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Cayman Islands companies plead guilty to helping US taxpayers hide $130 million
Two financial firms, Cayman National Securities Ltd. and Cayman National Trust Ltd. both affiliates with Cayman National Corp., based in the Cayman Islands have pleaded guilty to helping U.S. taxpayers hide more than $130 million in offshore accounts, the Justice Department said Wednesday.
All of those companies provided investment brokerage and trust management services to...
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Jury convicts former owner of Gourmet Express in $3.9 million tax fraud
A federal jury Wednesday convicted a former owner of frozen food company Gourmet Express for his role in a $3.9 million tax fraud scheme.
Robert Warren Scully, 70, was found guilty of conspiracy to defraud the United States, conspiracy to commit wire fraud and three counts of wire fraud. They acquitted him of three tax...
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