Check Cashing, Tax Evasion, Structuring and Asset Forfeiture; The Making of a Bad Day

By Sanford Millar of MillarLaw A Professional Corporation On Monday, August 31, 2015

The following fact pattern should is representative of a tax evasion and structuring case. A taxpayer receives checks in the ordinary course of business from customers. Some of those checks are deposited into the business bank account and some are cashed. The cashed checks don’t equal or exceed $10,000. The cash is then deposited into … Continue reading Check Cashing, Tax Evasion, Structuring and Asset Forfeiture; The Making of a Bad Day

Cash Businesses, Poor Records and Obstruction Charges, Ouch!

By Sanford Millar of MillarLaw A Professional Corporation On Sunday, August 16, 2015

Cash business operators are often prone to under report income or overstate deductions when filing tax returns. The effect of engaging in such conduct can be criminal charges, including tax evasion, money laundering and conspiracy to obstruct justice.  The proliferation of Information Exchange Agreements between, local, state and federal taxing authorities makes the possibility of  … Continue reading Cash Businesses, Poor Records and Obstruction Charges, Ouch!

Domestic Voluntry Discloure as an Alternative to Indictment

By Sanford Millar of MillarLaw A Professional Corporation On Monday, June 8, 2015

The United States Attorney for the Southern District of New York announced that the “owner and operator of DNS Construction Corporation, was sentenced today in Manhattan federal court to a term of five years of probation and $883,730.52 in restitution for committing two counts of tax fraud by failing to pay over $800,000 in income … Continue reading Domestic Voluntry Discloure as an Alternative to Indictment

Bad News About Unfiled FBARs, Another Indictment

By Sanford Millar of MillarLaw A Professional Corporation On Friday, April 24, 2015

A recent indictment by the United States Attorney’s office in California illustrates the inter-relationship between curency transfer restrictions, (such as those involving Iran), foreign financial account reporting (the FBAR requirement) and the failure to report taxable income (filing of a false tax return ). In United States of America vs. Ali Amin the government alleged … Continue reading Bad News About Unfiled FBARs, Another Indictment

How Not to Use Bitcoin

By of MillarLaw A Professional Corporation On Sunday, February 22, 2015

The use of Bitcoin has both legal and potentially illegal applications. Bitcoin is just a contemporary version of the Informal Value Transfer System, (“IVTS”) which in some countries is known as the Hawala. The IVTS has been used for international money transfers according to the Financial Crimes Enforcement Network (FinCen) for the following reasons: “IVTS-type … Continue reading How Not to Use Bitcoin

When do non-U.S. citizens pay income tax and report foreign financial accounts?

By of MillarLaw A Professional Corporation On Sunday, January 11, 2015

In a series of Frequently Asked Questions releases December 31, 2014, The Congressional Research Service provides some guidance on when non-U.S. citizens may be subject to U.S. income taxes. The report states as follows: “Non-citizens who may be subject to U.S. income taxes include legal permanent residents who are authorized to live and work in … Continue reading When do non-U.S. citizens pay income tax and report foreign financial accounts?

Informal surrender of Green Card doesn’t work

By of MillarLaw A Professional Corporation On Sunday, November 9, 2014

The recent decision of the U.S.Tax Court, in Gerd Topsnik, (2014) makes it clear that an “informal” surrender of a Green Card, while recognized under immigration laws is not recognized for tax purposes. As stated in Checkpoint, ” The Tax Court held that because the taxpayer did not formally abandon his lawful permanent resident “LPR” … Continue reading Informal surrender of Green Card doesn’t work