Yearly Archives: 2013

WASHINGTON — The Internal Revenue Service announced
September 3, 2013 that the summer 2013 issue of the Statistics of Income Bulletin is available at IRS.gov. The summer 2013 issue features data from Form W-2, Wage and Tax Statement, filed with individual income tax returns for tax years 2008 through 2010.

The Statistics of Income (SOI) Division produces the SOI Bulletin on a quarterly basis. Articles included in the publication provide the most recent data available from various tax and information returns filed by U.S. taxpayers. This issue of the SOI Bulletin also includes articles on the following topics:

• Wage Income and Elective Retirement Contributions from Form W-2, 2008-2010. The average individual W-2 earnings rose slightly from $40,532 in 2008 to $40,892 in 2010. Some 65.8 million taxpayers with W-2 income participated in an employer-sponsored retirement savings plan in tax year 2010, making $209.2 billion in direct contributions for the year.
• Sole Proprietorship Returns, 2011. Approximately 23.4 million individual income tax returns reported nonfarm sole proprietorship activity for tax year 2011. Profits rose to $282.6 billion for the year, a 5.6-percent increase from 2010. Total receipts increased to $1.3 trillion for 2011, up 5.9 percent from 2010.  
• Foreign Recipients of U.S. Income, 2010. Foreign persons received $557.8 billion in U.S.-source income in Calendar Year 2010, representing a 2.1-percent increase over the amount paid in 2009. Interest payments accounted for the largest share of income paid to foreign recipients (46.8 percent) in 2010, followed by dividends (20 percent).
• Foreign-Controlled Domestic Corporations, 2010. Foreign-controlled domestic corporations (73,210) accounted for 1.3 percent of all U.S. corporation income tax returns filed for tax year 2010. Total receipts for these corporations ($4.1 trillion) and total assets ($11.2 trillion) accounted for 15.5 percent of the receipts and 14.1 percent of the assets reported on all U.S. corporation income tax returns for the year. 
• Corporate Foreign Tax Credit, 2009. For tax year 2009, some 5,706 U.S. corporations claimed a foreign tax credit of more than $93 billion against their U.S. income tax liability.
• Unrelated Business Income Tax Returns, 2009. Some 42,469 tax-exempt organizations reported $9.7 billion in gross unrelated business income for tax year 2009.
• Use of the Empowerment Zone and Renewal Community Employment Credit, Tax Years 1998-2010. Federal empowerment zones (EZ) and renewal communities (RC) are economically distressed geographic areas eligible for temporary tax incentives to encourage economic development. The amount of allowable EZ/RC employment credit claimed on individual and corporate tax returns increased from $41.7 million in 1998, to $277.1 million in 2005, before declining to $172.9 million in 2010.     

The Statistics of Income Bulletin is available for download at IRS.gov/taxstats. Printed copies of the Statistics of Income Bulletin are available from the Superintendent of Documents, U.S. Government Printing Office, P.O. Box 371954, Pittsburgh, PA 15250-7954. The annual subscription rate is $67 ($93.80 foreign), single issues cost $44 ($61.60 foreign).

 

Working with a Swiss lawyer and others, the US businessman father arranged for over $12 million in the undeclared accounts to be left to his surviving spouse and five of his children, including Seggerman.

As a result of the successful implementation of that plan, and to hide the undeclared funds from the IRS, Seggerman, who, together with three of his siblings, was an executor of his father’s estate, signed a tax return for his father’s estate that falsely under-reported the gross assets of the businessman father’s estate. In particular, the estate tax return fraudulently failed to report over $5 million left to the businessman father’s wife and over $7.5 million to be split among five of his children. 

In addition, the Swiss lawyer thereafter assisted Seggerman’s siblings, including Suzanne Seggerman, Yvonne Seggerman, and Edmund Seggerman, in setting up undeclared Swiss bank accounts to hold the money left to them by their father.

Seggerman assisted his brother in surreptitiously transferring funds from the brother’s Swiss account to a bank account for a foundation controlled by Seggerman, who thereafter filtered the funds to the brother in the United States, labeling the transfer as “loans.”

Manhattan U.S. Attorney Preet Bharara said: “Henry Seggerman and three of his siblings inherited and continued a family tax fraud scheme.  Now, four members of this family stand convicted of tax crimes.  
We will continue to aggressively investigate and prosecute U.S. taxpayers, and those that assist them, in evading their obligations by hiding money in secret offshore accounts.” 

Seggerman, 60, of New York, New York, and Los Angeles, California, pled guilty to one count of conspiracy to defraud the United States, one count of subscribing to a false and fraudulent estate tax return, and one count of aiding and assisting in the preparation of false tax returns for his brother. He faces a total maximum sentence of 11 years in prison.  

In addition, Seggerman agreed as part of his guilty plea to make a paymentof approximately $600,000 at the time of his sentencing, in partial satisfaction of the ultimate restitution obligation he faces at sentencing. 

Suzanne Seggerman, Yvonne Seggerman, and Edmund Seggerman each previously pled guilty to one count of conspiracy to defraud the United States, and two counts of subscribing to false and fraudulent tax returns. Each faces a maximum sentence of 11 years in prison.

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Source:
US Attorney's Office