Elite travellers usually with names like IMRICH skip the airport security line – for a price Bloomberg
In United States v. Biyiklioglu, 2016 U.S. App. LEXIS 10847, at *5 (5th Cir. June 15, 2016), unpublished, per curiam, here, Biyiklioglu appealed "his conviction and sentence for wire fraud, aggravated identity theft, tax evasion, and money laundering." In the underlying scheme, Biyiklioglu "transferred money online among his bank accounts and numerous fraudulent PayPal accounts and then disputed certain transactions so as to cause double payments to his bank accounts and corresponding losses to PayPal." The scheme is more complex, but that is a good summary for purposes of this blog entry. On appeal, he raised several arguments. I address only some of the arguments and the Court's resolution.
Fifth Circuit Opinion Reversing Tax Evasion Conviction Because Evasive Acts Did Not Have Tax Evasion as Goal And Affirming on Wire Fraud
For tax evaders stunned by the leak of the "Panama Papers" maintained by the international law firm Mossack Fonseca, bitcoin could be the next big thing.
Even as governments around the world have begun cooperating to nab suspected tax cheats, virtual bitcoin wallets filled with the cryptocurrency possess the potential to become what University of California-Irvine law professor Omri Marian has dubbed “super tax havens.”
Bitcoin Might Make Tax Havens Obsolete
Financial crime is on the rise in Australia, with the country's senior money-laundering officials saying they've witnessed a dramatic increase in fraudulent transactions. Deputy chief executive of the Australian Transaction Reports and Analysis Centre, Gavin McCairns, said the volume of data it received every day was growing "exponentially".
Financial crime 'on the rise': AUSTRAC
Rudolf Elmer, the Swiss whistleblower who has been pursued by Swiss courts for a decade and served over half a year in prison while accused of (according to Switzerland’s peculiar courts) violating the Swiss banking secrecy law, now faces two more court trials: one, on June 23rd, as part of the ongoing case for which he has already been in prison; and one on June 24th, relating to the symbolic handover of a data file to Julian Assange at the Frontline Club in London.
Swiss whistleblower Rudolf Elmer: ‘they want to crucify me, as an example to other bankers’
Sydney stockbroker Oliver Curtis has been jailed for two years
after being found guilty of conspiring to commit insider trading. In the New
South Wales Supreme Court, Justice Lucy McCallum said a prison sentence would
provide "real bite" as a deterrent to white-collar crimes. Sydney stockbroker Oliver Curtis jailed
for insider trading
Hedge Fund Manager Charged With Insider Trading Is Found Dead New York Times
North Carolina Couple Pleads Guilty to $12 Million in IRS Fraud: Walda Lorena Luna now faces up to 10 years in prison after pleading guilty to using stolen data from 300 individuals to collect 2,760 federal tax refund checks totaling $12,104,825 over four years. (Carolina Journal)
TaxGrrrl, Philly Congressman Found Guilty On All Charges In Corruption Case. “The original investigation centered on Fattah Sr.’s bid for Mayor of Philadelphia in 2007. To finance that campaign, Fattah allegedly borrowed $1 million, which was disguised as a loan to a consulting company in order to avoid reporting requirements.”
Ex-banker pleads guilty to helping Americans evade taxes
Former Swiss Banker Pleads Guilty to Conspiring with U.S. Taxpayers and Other Swiss Bankers to Defraud the United States
Former ATO intelligence analyst Ron Shamir is now pitted in a David and Goliath legal struggle with his former public service bosses who are bringing the full might of the Commonwealth government to bear as they try to silence him Tax Offices Covert Operations Against Taxpayers Exposed
The former tax official who exposed alleged "covert operations" by the ATO is now living a "Kafka'-esque nightmare" and must be protected (a)gainst reprisal, says a key independent senator. Nick Xenophon says the case of former Taxation Office intelligence analyst Ron Shamir highlights the risks faced by anyone who exposes wrongdoing in public life ATO whistleblower Ron Shamir should be protected: Nick Xenophon
Robert Wood, Swiss Banker Pleads Guilty To U.S. Tax Evasion As IRS Hunts Offshore Accounts. Bank secrecy isn’t very secret anymore
Another Crack in Foreign Account Secrecy - UBS Delivers Singapore Affiliate Records Pursuant to IRS Summons
Serb tycoon jailed for five years for aiding tax evasion
Tax efficiency no longer primary driver for offshore investment
From a new Economic Journal article by Kim Oosterlinck:
Wall Street Journal editorial, Treasury's Inversion Scythe (online title: The Obama-Lew Business Tax Raid: Treasury’s New Rules Give More Power to the IRS):
During World War II, artworks significantly outperformed all alternative investments in Occupied France. With the surge in demand for portable and easy-to-hide (discreet) assets such as artworks and collectible stamps, prices boomed. This suggests that discreet assets may be viewed as crypto-currencies, demand for which varies depending on the environment and the need to hide value. Regarding art market valuation, this paper argues that while some economic actors derive significant utility from conspicuous consumption, others value the discretion offered by artworks. Motives for purchasing art may thus vary over time.The pointer is from Kevin Lewis. And via Samir Varma, here is a new piece on how the returns to fine art have been overestimated.
Wall Street Journal editorial, Treasury's Inversion Scythe (online title: The Obama-Lew Business Tax Raid: Treasury’s New Rules Give More Power to the IRS):
Is
Treasury Secretary Jack Lew trying to impose a new tax burden on all
businesses in the United States? Or is he merely unable to shoot at
politically disfavored companies without hitting the rest of the
economy? These questions arise because businesses across the U.S. are
learning they’ll have to change how they manage their cash to satisfy
Mr. Lew’s latest regulatory diktat.
- Bloomberg, Brexit Risks Losing Corporate Tax Break Worth Billions in U.K., by Lynnley Browning
- Forbes, Weighing The Corporate Tax Implications Of A 'Brexit', by Joe Harpaz
- International Tax Review, Bexit: Tax Implications for Business, by Caroline Byrne
- Start Making Sense, Brexit and Tax Policy, by Dan Shaviro (NYU)
- WSJ Law Blog, Legal Implications of Brexit Are Vast and Uncertain, by Jacob Gershman
Platinum Partners raided by federal agents amid dual investigations Reuters
Wall Street Journal, House Republicans Seek to Eliminate IRS Chief’s Paycheck:
Republicans have a new idea for attacking IRS Commissioner John Koskinen: Stop paying him.
Mr.
Koskinen’s salary of about $165,000 a year would be cut to zero until
the next president takes office Jan. 20, under an amendment the House of
Representatives is considering this week. ...
The
idea is to prevent Mr. Koskinen from coming to work, as federal law
generally bars people from working for free, said Kyle Huwa, a spokesman
for Mr. Buck. ...
[L]osing
a few months of pay near the end of his career wouldn’t permanently
damage Mr. Koskinen. According to his most recent financial disclosure,
he is a multimillionaire.
Man who hid on Appalachian Trail sentenced for fraud in Ohio Reuters
David M. Schizer (Columbia), Between Scylla and Charybdis: Taxing Corporations or Shareholders (or Both):
The
US taxes both corporations and shareholders on corporate profits. In
principle, the U.S. could rely on only one of these taxes, as many
commentators have suggested. Although choosing to tax the corporation or
its owners may seem like taking money from one pocket or the other,
this Essay emphasizes a key difference: corporate and shareholder taxes
prompt different tax planning. Relying on one or the other mitigates
some distortions and leaks, while exacerbating others. As a result,
choosing which tax to impose is like navigating between Scylla and
Charybdis.
CCN.LA, UC Law Professor Sees Bitcoin Becoming a Tax Haven for the Gig Economy:
Bitcoin
is especially attractive to workers in the gig economy who exchange
skills for money. So far there is no effective enforcement method for
tracking bitcoin.
Omri Marian, a law professor at the University of California Irvine, notes that even as governments have started to cooperate on nabbing tax cheats, bitcoin wallets could become “super tax havens.”
Hong Kong's Richest Man Calls for Higher Tax to Ease Wealth Gap
French cement firm LaFarge paid taxes to ISIS to protect its business in Syria
Corbyn: Future Labour government would back financial transaction tax
Corbyn: Clamp down on Crown 'tax havens'
Finance Uncovered: new investigation into Rift Valley Railway
U.S. Investigates Credit Suisse Over Possible Client Tax Evasion at Israeli Unit
McDonald's Serves Up A Tax Whopper in Luxembourg
* McDonald's Australia almost quadruples profit and halves tax bill
Amazon UK reviews Chinese traders before VAT fraud clampdown
What might Brexit do for tax havens and tax justice?
Why McDonald's and Google are in trouble in Europe
Apple's UK corporation tax bill totalled £12.9m in 2015
Brexit tax hit spurs multinationals to look at moving HQ
Taxes set to be changed as a result of Brexit
HMRC lets tech giants dodge tax
Advisers jailed for £100m tax fraud
Tax Court Denies Amway Losses Due To Lack Of Profit Motive
The UK will now become a tax haven for the rich
The ups and downs of Delaware's corporate tax revenue
Fast action on tax havens needed now
Gladys Knight's Chicken and Waffle restaurants are raided
Why not just outlaw use of tax havens?
MEPs call for tax haven black list, patent box rules, CCCTB and more
The Anti Tax Avoidance Package – Questions and Answers (Updated)
Commission welcomes agreement reached by Member States on new rules to tackle tax avoidance
Jack Townsend, TIGTA Report on Improvement in Some Features of OVDP. “The report focuses on taxpayers who were denied access to OVDP or who, having entered, withdrew or opted out.”
EU agrees compromise deal to fight corporate tax dodging
Platinum Partners raided by federal agents amid dual investigations Reuters