It is not a new story. The very rich trying to evade the IRS for what should be considered pocket change and ending up jailed and fined. The most brilliant behavioral psychiatrist would have trouble figuring out why. Ms. Arlette Ricci, heiress to French fashion deigner Nina Ricci's Estate was convicted of tax fraud...

The Tax Division of the Department of Justice and the IRS is increasing its scrutiny of offshore tax evasion with fourteen active federal grand jury investigations related to foreign banking institutions to identify and reveal American depositors. It is pursuing criminal investigations of scores of Swiss banks and also banks in Israel, Lichtenstein, Luxemburg,...

A new technology called "zapper" enables a cash register to create a second false record of all transactions allowing under-reporting of sales receipts by retailers. Now the tax man is paying attention and use of the hardware and software may be illegal. The program tricks tax authorities with a second set of books that look...

Swiss bank BSI SA will pay $211 million to settle charges it secretly helped American clients evade U.S. taxes, the Department of Justice said. The private bank is the first to admit responsibility under a federal program that encourages overseas banks to disclose their role in undeclared offshore accounts held by wealthy U.S. citizens. In...

Turbotax, the popular tax software and service program made by Intuit have alleged that the company has made millions by knowingly processing state and federal tax refunds filed by cybercriminals. Robert Lee of Intuits consumer tax group until he left the company in July said Intuit had fraud models to ID and...

The Cayman Islands, which has been used by wealthy individuals and large corporations to evade U.S. taxes has agreed to assist in revealing tax cheats to the U.S. government, pursuant to the Foreign Account Tax Compliance Act. This law requires U.S. persons, including those living outside the country to report their financial accounts held...

Federal prosecutors have begun Πa new investigation into whether Swiss bank UBS AG helped Americans evade taxes through bearer securities banned in the U.S. UBS settled a prior case for $780 million for allegedly using bearer securities to hide assets and evade taxes. Bearer securities act like cash, allowing whoever holds the...

U.S. taxpayers and U.S. companies shifting profits and come to other countries robs the Government of more than $100 billion in tax revenue each year according to a report by a congressional research group the Congressional Research Service. The federal government loses both individual and corporate income tax revenue from the shifting of profits and...

Bank Leumi Israel's largest bank will pay $400 million to settle allegations that it helped American clients evade taxes on overseas income in a criminal conspiracy that operated for more than a decade. The Department of Justice said the Bank Leumi helped hide American customers' accounts at the bank's locations in Israel,...