tax fraud

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Oregon Woman Arrested for Illegal $2.1M Tax Refund

Krystle Marie Reyes went on $200K buying spree: investigators

(Newser) - Krystle Marie Reyes has been busted for what is thought to be one of the biggest cases of tax fraud in Oregon history, reports the New York Daily News . Reyes was able to get $2.1 million back from the state after claiming on her TurboTax return that she had...

ID Theft Brings 'Tsunami of Fraud' to IRS

Phony returns are on the rise

(Newser) - The New York Times today provides some eye-popping numbers on the relatively new crime of identity-theft tax fraud . The IRS stopped 700,000 fake returns in 2010, at least 1.3 million last year, and twice that many so far this year with only 30% of returns reviewed. But the...

Tax Cheating, Easy? Experts Tell You How

Accountants and tax lawyers share tips for beating Uncle Sam

(Newser) - So the New York Times is offering tips for tax cheaters. Guess we know which newspaper will be audited next—but for now, let's take advantage of the paper's survey of 20 tax lawyers, accountants, and policy wonks:
  • The easiest way to cheat is ... running your own company—
...

Identity Theft Probe Halted $1.4B in False IRS Refunds

105 busted in sweep

(Newser) - The Internal Revenue Service is cracking down on fraudsters as tax return seasons begins. The agency has stepped up efforts to prevent identity theft, and caught 260,000 bad returns last year, up from 50,000 in 2010, and prevented a total of $1.4 billion in bad refunds being...

In Rare Move, Berlusconi Shows Up to Court

Italian PM slams ridiculous tax fraud case

(Newser) - As his legal troubles drag on, Silvio Berlusconi is weighing in: In a rare move, he showed up at a Milan hearing today in his tax fraud case, the AP reports. When asked if he would attend other hearings as well, Berlusconi said, "I will go to those when...

Deutsche Bank to Pay US $554M for Tax Fraud

Bank allegedly sold fraudulent tax shelters

(Newser) - Deutsche Bank has agreed to pay the US government $553.6 million to end an investigation into its alleged sale of fraudulent tax shelters, and avoid any criminal charges. The bank has admitted to taking part “in financial transactions which furthered the fraudulent tax shelters that generated billions of...

Inmates Got $9.1M in 'Homebuyer' Tax Credits

IRS working to recoup money

(Newser) - Almost 1,300 prisoners, including 241 serving life sentences, filed for the Obama administration’s First Time Homebuyer Credit on their taxes, claiming they’d bought homes while incarcerated, according to a Treasury Department report released today. The IRS paid out $9.1 million on those claims, money it now...

15K Yanks Turn Selves in for Offshore Tax Cheating

Asia joins Switzerland as hotspot for hidden assets

(Newser) - Prodded by the stick of a looming crackdown on offshore tax cheats and the carrot of an IRS amnesty program, some 14,700 rich Americans have turned themselves in, disclosing billions in hidden foreign assets. The "unprecedented" participation in the amnesty program surprised the IRS and advisers to the...

Tax Collectors Use MySpace, Google to Find Deadbeats

Public profiles can provide valuable income information for revenue agents

(Newser) - Internet-savvy state tax collectors are using a new tool in tracking down evaders: social networking websites. Tax collectors are taking advantage of the fact that an individual’s MySpace or Facebook profile often contains quite a bit of professional information, the Wall Street Journal reports. Agents in Nebraska, for example,...

Tax-Evader Crackdown Spreads to Hong Kong

(Newser) - The IRS and Justice Department crackdown on UBS is widening, reports the Wall Street Journal, as new documents reveal the efforts the bank took to keep its clients' wealth away from the taxman. Two recent cases have relied on channeling millions to a Swiss account owned by a Hong Kong-based...

UBS Bans Its Execs From Foreign Travel

Swiss bank facing US inquiry into tax dodge grounds managers

(Newser) - UBS has banned managers who deal with foreign clients from traveling abroad, the Daily Telegraph reports. The Swiss bank, which has refused to give US investigators the names of 50,000 suspected tax dodgers, denied that the ban is to protect senior staff from American authorities. Analysts, however, see the...

Swiss Ditch Bank Secrecy Rules

(Newser) - Switzerland might not be a haven for tax evading ne’er-do-wells for much longer. The country agreed today to ease its banking secrecy laws, eliminating the distinction between tax fraud and tax evasion on foreign accounts. Previously, the Swiss cooperated with foreign governments only on tax fraud, which is a...

Swiss Bank Will Give Names of US Tax Dodgers

(Newser) - Switzerland's biggest bank admitted today that it helped wealthy US customers evade their taxes, the Wall Street Journal reports. UBS set up shell companies and fake trusts for customers so they could hide their accounts from the IRS. The company will pay $780 million in fines and turn over the...

Fraud Case Breaches Venerable Swiss Secrecy

Nation's tradition of bank secrecy imperiled by UBS investigation

(Newser) - Swiss authorities are cooperating with an American investigation into a tax fraud scandal, dealing a major blow to the nation's tradition of banking secrecy. Swiss bank UBS is alleged to have helped up to 20,000 American clients evade taxes by stashing their fortunes—collectively worth $20 billion—in undeclared...

Feds Battle UBS to Give Up Tax Dodgers

Swiss bank pressed for names of US customers

(Newser) - The Justice Department is pressing UBS for the names of suspected tax dodgers with secret bank accounts in Switzerland, the New York Times reports. Federal authorities believe the Swiss bank may have helped up to 20,000 Americans stash $20 billion in offshore accounts, evading hundreds of millions in taxes....

Feds Detain Top UBS Banker in Tax-Fraud Probe

Swiss giant's fortunes go from bad to worse

(Newser) - Already reeling from record losses and preparing to cut 5,500 jobs, UBS has acknowledged the Department of Justice is investigating the mega-bank for helping its wealthiest clients evade taxes. The feds "briefly detained" one of the Swiss firm's most senior private bankers as a "material witness,"...

Snipes Gets 3 Years in Prison
 Snipes Gets 3 Years in Prison 
Apr 24, 2008 5:21 PM CDT

Snipes Gets 3 Years in Prison

Judge gives actor maximum sentence in federal tax case

(Newser) - A Florida judge today sentenced Wesley Snipes to the maximum 3 years in federal prison for failing to file his taxes, WESH-TV of Orlando reports. Snipes received no fine, though he could have been hit for $5 million. During sentencing, the judge noted the actor's long history of ignoring tax...

Samsung Chairman Resigns
 Samsung Chairman Resigns 
Apr 22, 2008 7:00 AM CDT

Samsung Chairman Resigns

Lee steps down amid tax evasion scandal

(Newser) - The chairman of Samsung, Korea's leading exporter, has resigned after being indicted on multiple counts of tax fraud and breach of duty. Lee Kun-hee, whose resignation speech was carried live on all of South Korea's TV networks, has controlled the Samsung consortium since 1987. Lee, his wife, his son, and...

Samsung Head Indicted for Tax Fraud
Samsung Head Indicted for
Tax Fraud
Apr 17, 2008 6:43 AM CDT

Samsung Head Indicted for Tax Fraud

Electronics giant vows reform as chairman faces trial

(Newser) - The chairman of electronic giant Samsung will stand trial for tax evasion and breach of duty after special prosecutors alleged corruption in South Korea's largest industrial corporation. Lee Kun-hee was indicted in Seoul today for evading $114 million in taxes and for incurring losses at Samsung while installing his son...

Strike Cripples German Airports
Strike Cripples German Airports
Mar 5, 2008 7:23 AM CST

Strike Cripples German Airports

Scores of flights canceled; Berlin transport also shut

(Newser) - Thousands of German airport workers have walked off the job on the first day of a strike, leading to hundreds of flight cancellations across Europe's largest country. Frankfurt International Airport, a key European hub, was picketed by more than 2,000 employees from baggage handlers to check-in counter workers and...

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