Mental health company owner, Catinia Denise Farrington of Cyprus, Texas, pleaded guilty to health care fraud and tax evasion in September of 2018. As of March 1st, 2019, she has been sentenced to 60 months in prison after profiting $4 million from Medicaid and just under $400,000 from her tax evasion scheme. Health Care Fraud […]
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Puerto Rico Being Audited By The IRS for $877.9 Million in School Construction Bonds Issued in 2011
In 2011, the U.S. issued $877.9 million in bonds in an effort to build and renovate 100 schools in Puerto Rico. Now the IRS is auditing for four Series 2011 R taxable of school construction bonds that totaled $756.4 million and $121.5 million in Series 2011 T direct-pay qualified zone academy bonds. In a letter […]
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Bermuda Tax Haven Plays a Large Role in Opioid Manufacturer Fortune
The Sackler family empire comprises Purdue in America, Napp in Britain, and Mundipharma in Europe and Australasia. The companies have helped amass a £10 billion fortune, protected, in part, by the tax haven of Bermuda. The Evening Standard in the UK released a report detailing that while their opioid painkillers are manufactured in Cambridge, the Caribbean […]
Continue reading…How the IRS whistleblower program works and the highest award of $105 million to one person
The IRS pays awards to people who provide specific and credible information to the IRS if the information results in the collection of taxes, penalties, interest or other amounts from the noncompliant taxpayer. The IRS looks for solid information, not guesses or speculation. If the taxes, penalties, interest and other amounts in dispute exceed $2 million, and a few […]
Continue reading…Convicted Caymen Island financial advisors jailed and also become IRS whistleblowers
Eric St-Cyr, a Canadian investment advisor working from his Cayman Island-based financial advisory firm, Clover Asset Management and Canadian Attorney Patrick Poulin, have been sentenced to 14 months in prison for conspiring to launder money. Now, the two men are cooperating with the Internal Revenue Service (IRS) in investigations from the information they have provided. […]
Continue reading…Congress makes IRS whistleblower program easier and more lucrative for whistleblowers reporting major tax evasion
The IRS whistleblower program which allows tax whistleblowers to receive between 15 to 30 percent of any proceeds the IRS collects based upon original information provided by the whistleblower, has now been broadened and significantly strengthened by Congress in favor of the whistleblowers. For years, the IRS has fought with whistleblowers as to what should […]
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Caterpillar Inc. owes is $2.3 Billion in taxes and penalties by IRS tally
According to a company filing, the Internal Revenue Service says that Caterpillar Inc. owes the United States Government back taxes and penalties in the amount of about $2.3 billion. Caterpillar does not agree and says it will continue to vigorously oppose the IRS position. The tax liabilities stem from Caterpillar’s offshore tax strategy and has […]
Continue reading…IRS whistleblower claims JP Morgan flaunted IRS rules on pension funds and may owe millions
A whistleblower who has not been named,says that JPMorgan’s misdeeds concerning pension funds violated IRS rules and that the company did not comply with its fiduciary responsibility by favoring its own funds. The whistleblower, is a former JPMorgan employee who is working with the U.S. Securities and Exchange Commission early in its investigation, has filed […]
Continue reading…Senator Grassley presses bill to charge up IRS whistleblower program
Senator Chuck Grassley is on the move to change the IRA whistleblower program t better IRS treatment of tax fraud whistleblowers, enhanced rights of taxpayers whose personal information is improperly accessed by IRS employees, extended time for taxpayers to contest an IRS levy, greater protections for taxpayers where the IRS improperly levied a taxpayer’s individual […]
Continue reading…IRS tax expert takes down on-line drug lord
There is an interesting article in the December 25 New York Times about Gary L. Alford a special agent with the Internal Revenue Service assigned to work with the Drug Enforcement Administration (DEA). It appears that Alford, 38, figured out who was running a web site called Silk Road, which was selling $300,000 of heroin […]
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