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Panama has Commenced Automatic Exchange of Information

Panama has commenced its automatic exchanges of information in order to meet OECD global standards, the government has announced. The country will be exchanging information with 33 countries.  


Panama’s CFO, David Hidalgo, Said That It Was Important for the Country to ‘Respect These Standards and Our Commitments so As Not to Be on a Black List of Tax Havens.’

 

According to the OECD on 01/15/2018 the Director-General of Revenue and the delegated Competent Authority of Panama, Publio Ricardo Cortés, signed the CRS Multilateral Competent Authority Agreement‎ (CRS MCAA), in presence of OECD Deputy Secretary-General Masamichi Kono.

 Panama was the 98th jurisdiction to join the CRS MCAA, which is the prime international agreement for implementing the automatic exchange of financial account information under the Multilateral Convention on Mutual Administrative Assistance.

The signing of the CRS MCAA will allow Panama to activate bilateral exchange relationships with the other 97 jurisdictions that have so far joined the CRS MCAA.
 
By signing the CRS MCAA , Panama is re-affirming its commitment to the automatic exchange of financial account information pursuant to the OECD/G20 Common Reporting Standard (CRS), with exchanges set to commence in September 2018 and it is now October 2018. 

Do You Have Undeclared Income from an Offshore Bank?
 

 
Is Your Name Being Handed Over to the IRS?
  
Want to Know if the What IRS Program is Right for You?
 
 
Contact the Tax Lawyers at 
Marini & Associates, P.A.  
  
 
for a FREE Tax Consultation
Toll Free at 888-8TaxAid (888) 882-9243





  

Read more at: Tax Times blog

TV Star Michael “The Situation” Sorrentino Get Prison For Tax Evasion

We previously posted on January 18, 2018, TV Star Michael "The Situation" Sorrentino Pled Guilty in $8.9 Million Tax Case, where we discussed that “Jersey Shore” star Michael “The Situation” Sorrentino and his brother Marc Sorrentino have agreed to plead guilty in their criminal case over tax-related charges instead of going to trial, according to a government letter on January 17, 2018 to a New Jersey federal judge.

Now According to Law360, Michael “The Situation” Sorrentino, a performer on the reality TV series “Jersey Shore,” was ordered on October 5, 2018 to serve 8 months behind bars for tax evasion, with a New Jersey federal judge rejecting his bid to stay out of prison.

U.S. District Judge Susan D. Wigenton handed down that sentence after Sorrentino pled guilty in January to a single count of tax evasion. Before his sentencing, the judge sentenced Sorrentino’s brother, Marc, to 2 years in prison following his own guilty plea in January to one count of aiding in the preparation of a false and fraudulent tax return.

Authorities have alleged that the Sorrentinos created businesses, such as MPS Entertainment LLC and Situation Nation Inc., that earned money from various sources, such as promotional appearances and the publication of a comic book featuring Michael Sorrentino as a superhero.

Among other allegations, authorities said the brothers failed to pay all of the federal income tax owed on about $8.9 million they earned between 2010 and 2012.

In pleading guilty to the tax evasion charge on Jan. 19, Michael Sorrentino admitted that he earned taxable income during tax year 2011, including funds paid in cash, and he took steps to conceal some of his income to avoid paying the full amount of the taxes he owed.

Sorrentino said he made cash deposits into bank accounts in amounts less than $10,000 each to prevent the transactions from coming to the attention of the Internal Revenue Service.

With his own guilty plea that day, Marc Sorrentino admitted to willfully providing false information in assisting his accountant in preparing his income tax return for tax year 2010. That false tax return underreported his partnership income, total income and taxable income, Sorrentino said. He also has admitted to a tax loss attributable to him for tax years 2010, 2011 and 2012.

The brothers’ former accountant, Gregg Mark, has admitted to filing false tax returns on their behalf. Mark pled guilty in December 2015 to one count of conspiracy to defraud the United States, admitting that he prepared fraudulent tax returns for the Sorrentinos for tax years 2010 and 2011. He is awaiting sentencing.

Do You Have a Criminal Tax Problem?
 
Contact the Tax Lawyers of

Marini & Associates, P.A.    
 
for a FREE Tax Consultation 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

Mental Health Service Provider Plead Guilty (Not Insanity) for Failure to Pay Employment Taxes

A Raleigh, North Carolina, man pleaded guilty today to one count of willful failure to pay over employment taxes to the Internal Revenue Service (IRS).
 
According to court documents, from 2010 to 2013, Sainte Deon Robinson failed to pay over federal income, Social Security, and Medicare taxes withheld from the wages paid to employees of his mental health service provider, OneCare Inc. Robinson served in various positions at OneCare Inc., including President, and was obligated to pay over to the IRS such payroll taxes on behalf of the company. Robinson failed to pay over $1.6 million in employment taxes for OneCare Inc. and other companies he controlled.    
 
Robinson's sentencing is scheduled for January 7, 2018, and faces a statutory maximum sentence of five years in prison.  He also faces a period of supervised release, restitution, and monetary penalties. 
 
 Do You Have a Criminal Tax Problem?
 

 

Contact the Tax Lawyers of

Marini & Associates, P.A.    
 
for a FREE Tax Consultation 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

N.Y. Precious Metals Brokerage Operator Found Guilty of Tax Evasion

According to the DoJ, a federal jury sitting in Brooklyn, New York, convicted a former Brooklyn resident today of tax evasion and aiding and assisting in the preparation of false tax returns.
According to court documents and evidence presented at trial, in 2010 and 2011, Christopher Wolf operated Rothchild & Associates LLC, in Brooklyn, New York. Rothchild was in the business of selling precious metals to investors over the telephone.
Wolf earned commissions from Rothchild, but took steps to conceal this income by directing that it be paid to shell corporations he created, so that Rothchild would not have to issue form 1099 for these commissions.
Wolf then caused the filing of false individual and corporate income tax returns that underreported his commission income and claimed phony expense deductions.  Wolf’s fraudulent conduct resulted in a tax loss of approximately $240,000.
Wolf faces a statutory maximum sentence of 5 years in prison for tax evasion and 3 years in prison for aiding and assisting the preparation or presentation of a false tax return.  Wolf also faces a three-year period of supervised release, restitution and monetary penalties.
Do You Have a Criminal Tax Problem?

 

Contact the Tax Lawyers of

 

Marini & Associates, P.A.
for a FREE Tax Consultation 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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