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Category Archives: criminal tax law

Dentist Gets Drilled For Tax Evasion

According to the DoJ, a federal grand jury in Denver returned an indictment unsealed on August 23rd 2024, charging a Colorado dentist with six counts of tax evasion for his use of an illegal tax shelter.

According to the indictment, since 2014, Ryan Ulibarri, owned and operated Ulibarri Family Dentistry in Fort Collins. In 2016, Ulibarri allegedly purchased a tax shelter for $50,000. 

From 2017 Through 2022, Ulibarri Allegedly Used This Tax Shelter To Conceal From The IRS Over $3.5 Million In Income.

  • To effectuate the tax shelter, Ulibarri allegedly signed trust instruments purporting to create three trusts and a private foundation and opened bank accounts in the name of each entity. 
  • He also allegedly re-structured his dental practice so that the majority of it was purportedly owned by one of the trusts. 
  • Ulibarri allegedly transferred nearly all the funds he earned from his dental practice to the bank accounts for the trusts and foundations he created. 
  • He allegedly used those funds to pay personal expenses, such as the mortgage on his home and his credit card bills. 
  • Finally, he allegedly filed false tax returns for himself and the trusts that assigned the income he earned and controlled from his practice to the trusts. 

In total, Ulibarri is alleged to have caused a tax loss to the IRS of over $1 million. 

If Convicted, Ulibarri Faces A Maximum Penalty of
Five (5) Years In Prison For Each Count Of Tax Evasion (Collectively 30 Years).

A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

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Read more at: Tax Times blog

Sen. Ossoff Launches Inquiry with IRS into Impacts of USPS Delays

 

U.S. Senator Jon Ossoff is fighting for Georgians facing unfair tax penalties due to mail delays. 

Sen. Ossoff launched an inquiry with the Internal Revenue Service (IRS) after receiving reports from Georgia constituents that they are being charged penalties and interest fees on late or missing filings and payments that they mailed to the IRS via USPS. 

As part of his inquiry, Sen. Ossoff is urging the IRS to waive penalties and interest fees incurred directly as a result of USPS delays.

Sen. Ossoff also urged the IRS to adjust taxpayer accounts in a timely manner so that interest and penalties do not accumulate and cause additional distress and confusion, and to escalate the processing of tax refunds for paper filers who have been impacted by USPS delays in Georgia. 

“Constituents have notified my office they are being charged penalties and interest fees on late or missing filings and payments that they mailed to the IRS via USPS,” Sen. Ossoff wrote to IRS Commissioner Daniel Werfel. “These tax filings are not arriving by statutory deadlines due to ongoing USPS performance issues and some filings even remain unaccounted for. Additionally, many of my constituents continue to experience financial hardship as a result of tax refund processing delays arising from ongoing problems with USPS management in Georgia.” 

For months, Sen. Ossoff has remained focused on applying maximum pressure on USPS leadership and conducting vigorous oversight of the USPS to resolve challenges Georgia families and businesses continue facing. 

In July, Sen. Ossoff met in Washington, D.C. with USPS Postmaster General Louis DeJoy to continue pressing for improved mail delivery service for Georgia families and businesses. 

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Read more at: Tax Times blog

TIGTA Releases Report Regarding Virtual Currency Tax Compliance Enforcement and How it Can Be Improved

According to the Treasury Inspector General for Tax Administration (TIGTA) report, Virtual currency (or digital assets) has grown into a trillion-dollar industry that's been challenging for the IRS to enforce for tax compliance. 

TIGTA's Him himlatest report looks at the agency's efforts to identify income earned from virtual currency transactions. 

Between April 2020 and July 2023, the number of virtual currencies grew 420 percent. The anonymity of virtual currency and the fact that trading platforms don't consistently give reports to the IRS on virtual currency transactions complicates enforcement efforts. 

420% increase in types of virtual currencies


IRS Criminal Investigation has taken advantage of analytics tools to address virtual currency noncompliance. 


During Fiscal Years 2018 To 2023, They Investigated 390
Cases Involving Virtual Currency/Digital Assets, And
224 Were Recommended For Prosecution.

The IRS established “Operation Hidden Treasure” to identify taxpayers who omit digital assets from their tax returns. However, TIGTA found it's been limited to the acquisition of tools and training, rather than pursuing taxpayers. 

The project's charter did not include any specific enforcement deliverables pertaining to either criminal investigation or civil examination results and success statements identifying what it sought to achieve.

Passage of the Infrastructure Investment and Jobs Act in November 2021, requires brokers to file an information return for digital assets transactions in a calendar year. In response, the IRS created a new information form to report the information needed to calculate gains (or losses) on transactions. While the Infrastructure Investment and Jobs Act was effective for transactions after January 1, 2023, the proposed regulations are effective for transactions after January 1, 2025, for gross proceeds reporting and January 1, 2026, for basis reporting. The proposed two-year implementation delay will hinder efforts to regulate the digital asset industry and may result in lost revenue and taxpayer burden.

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Read more at: Tax Times blog

Crypto Info Swap Planned For 58 Jurisdictions By 2027


According to Law360Fifty-eight tax jurisdictions have pledged to implement the Organization for Economic Cooperation and Development's crypto-asset information exchange system by 2027, the OECD said Thursday.

Members of the OECD's Global Forum on Transparency and Exchange of Information for Tax Purposes are in position for "rapid implementation" of the crypto-asset reporting framework, or CARF, the forum said in a report. The framework has the potential to bring substantial tax benefits by ensuring taxpayers are properly declaring their holdings of cryptocurrency and other digital assets, the report said.

The report was created for finance ministers and central bank governors of the Group of 20 nations, who are meeting in Brazil through Friday, the forum said.

The Global Forum's CARF group is using the rollout of the common reporting standard, the OECD's broader global information exchange model, as a guide for the implementation of the CARF, the report said. For example, it borrowed the common timeline principle, which aims to have jurisdictions committed to establishing the standards by a certain date.

Ten of the jurisdictions that have agreed to implement the CARF are developing nations, the report said.

The CARF group is aiming to identify and engage with all potentially relevant jurisdictions in advance of the 2024 Global Forum plenary meeting, the report.


Have an IRS Tax Problem?


     Contact the Tax Lawyers at

Marini & Associates, P.A. 


for a FREE Tax HELP Contact us at:
www.TaxAid.com or www.OVDPLaw.com
or 
Toll Free at 888 8TAXAID (888-882-9243)



Read more at: Tax Times blog

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