Article: US Treasury Plans to Raise Additional $700B Through New Tax Compliance Measures

Article - Media, Publications

US Treasury Plans to Raise Additional $700B Through New Tax Compliance Measures

Matthew De Saro, 20 May 2021

The United States Treasury Department released a statement on Thursday announcing their plans to crack down on tax evasion using cryptocurrency. The Treasury Department plans to raise an additional $700 billion through the new tax compliance measures.

In the 22-page report, officials highlighted a number of policies to grow enforcement aimed at combating the expanding tax gap. The tax gap is the calculated difference between what taxpayers are paying and what they actually owe. Currently, the tax gap is around $600 billion annually.

The Internal Revenue Service (IRS) commissioner, however, believes the number could exceed $1 trillion when cryptocurrencies are taken into account. The policies identified include increased reporting requirements, new auditor tools, and new rules specific to cryptocurrencies.

Closing the gap
The plan will require any transfer of $10,000 or more will be reported to the IRS and could raise as much as $2 trillion over the next 20 years. Just getting close to closing that gap could be a huge step in funding President Biden’s multi-trillion-dollar spending proposals. Proposals aimed at bettering childcare, manufacturing, and other domestic priorities.

Read Full Article

Article: How to Actually Prosecute the Financial Crimes of the Very Rich

Article - Media, Publications

How to Actually Prosecute the Financial Crimes of the Very Rich

PAUL E. PELLETIER, 19 May 2021

It was tax season 1999. I was a federal economic-crimes prosecutor in Miami, and this was the time of year my colleagues and I brought cases to deter would-be tax cheats. My target was a tax-return preparer operating out of Liberty City’s “Pork & Beans” projects, made famous in the movie Moonlight. This tax preparer had been manufacturing false W-2s and Social Security numbers so that her clients would receive an earned-income tax credit to which they weren’t entitled—amounting to more than $100,000 in bogus refunds. She eventually pleaded guilty and spent nearly three years in prison, which at the time I considered a broadly just result. She had committed a real crime against the United States. Continue reading “Article: How to Actually Prosecute the Financial Crimes of the Very Rich”

Article: IRS Special Agent: Scammers using Tax Day to steal filers personal information

Article - Media, Publications

IRS Special Agent: Scammers using Tax Day to steal filers personal information

Anne McCloy, 18 May 2021

May 17th is Tax Day, and while you may be rushing to meet the deadline, the Internal Revenue Service is warning you to watch out for scammers.

Jonathan Larsen is Special Agent in Charge at IRS Criminal Investigations. This tax season, Larsen says scammers are using fear about COVID-19 and mishaps with stimulus money to fool you into handing over personal information. Continue reading “Article: IRS Special Agent: Scammers using Tax Day to steal filers personal information”

Article: Binance Faces Probe by U.S. Money-Laundering and Tax Sleuths

Article - Media, Publications

Binance Faces Probe by U.S. Money-Laundering and Tax Sleuths

Tom Schoenberg, 13 May 2021

Binance Holdings Ltd. is under investigation by the Justice Department and Internal Revenue Service, ensnaring the world’s biggest cryptocurrency exchange in U.S. efforts to root out illicit activity that’s thrived in the red-hot but mostly unregulated market.

As part of the inquiry, officials who probe money laundering and tax offenses have sought information from individuals with insight into Binance’s business, according to people with knowledge of the matter who asked not to be named because the probe is confidential. Led by Changpeng Zhao, a charismatic tech executive who relishes promoting tokens on Twitter and in media interviews, Binance has leap-frogged rivals since he co-founded it in 2017. Continue reading “Article: Binance Faces Probe by U.S. Money-Laundering and Tax Sleuths”

Article: Bitcoin Mixing Tycoon Arrested for Alleged $336M Laundering

Article - Media, Publications

Bitcoin Mixing Tycoon Arrested for Alleged $336M Laundering

Bilal Waqar, 02 May 2021

Another bitcoin mixing service fraud gets caught with the help of the International Revenue Service, this time catching a suspect of 336 million dollars.

A Bitcoin tycoon got arrested when he got into the net of the IRS. An agent from the department for enforcing tax laws played an undercover role acting as a narcotics dealer, catching the suspect of huge digital currency fraud. The guy had been in the business for the course of over a decade.

Roman Sterlingov, a Swedish and Russian citizen was involved in money laundering and money transmission without having a license. The revealed public court documents broke the news of his arrest, which in itself is an interesting story. Continue reading “Article: Bitcoin Mixing Tycoon Arrested for Alleged $336M Laundering”

Article: Online Vendor Pleads Guilty to $5 Million Postage Fraud Scheme

Article - Media, Publications

Online Vendor Pleads Guilty to $5 Million Postage Fraud Scheme

Daniel C. Silva, 13 April 2021

SAN DIEGO ­– Cuong H. Nguyen pleaded guilty in federal court today to conspiring to engage in a wide-ranging postage counterfeiting, forging, and tampering scheme that, over the course of multiple years and more than 160,000 packages, deprived the U.S. Postal Service of approximately $5 million of postage due and owing.

Special Agents from U.S. Postal Inspection Service, IRS Criminal Investigation, and the Financial Investigations and Border Crimes Task Force (the “FIBC” – a multiagency Task Force based in San Diego and Imperial Counties, and funded by the Treasury Executive Office of Asset Forfeiture) led the investigation. Continue reading “Article: Online Vendor Pleads Guilty to $5 Million Postage Fraud Scheme”

Article: Republicans Slam ‘Hypocritical’ Biden For Funneling $13 Million Through Tax Loopholes

Article - Media, Publications

Republicans Slam ‘Hypocritical’ Biden For Funneling $13 Million Through Tax Loopholes

TYLER DURDEN, 05 April 2021

President Biden has come under fire by House Republicans for ‘hypocritically’ using an IRS loophole to avoid paying taxes on $13 million in income for tax years 2017 and 2018, while slamming wealthy Americans for using similar schemes to minimize their tax burden, according to Fox News.

In a scathing letter from the leader of a House conservative caucus Rep. Jim Banks (R-IN), the Bidens’ used two S-corporations, the CelticCapri Corporation and the Giacoppa Corporation, to funnel proceeds from book royalties and speaking appearances, “avoiding self-employment payroll tax liabilities that would have flowed to America’s Medicare program that provides care to over 60 million seniors.” Continue reading “Article: Republicans Slam ‘Hypocritical’ Biden For Funneling $13 Million Through Tax Loopholes”

Filing: CMKM Diamonds Lawsuit Against the SEC

Filing

These Defendants, acting in the course and scope of their employment by the United States of America as duly authorized Commissioners of the Securities and Exchange Commission, a federal agency, through their acts and omissions knowingly, consciously, wrongly, without compensation and without due process of law have effected a taking of property from each of the named Plaintiffs and all who are similarly situated.

PDF (18 Pages): CMKM Lawsuit Against the SEC 9 January 2010

Web: Right Makes Might, Courtesy of Abraham Lincoln, February 27, 1860

Web

Right Makes Might, Courtesy of Abraham Lincoln, February 27, 1860

Bud Burrell

Sanity Check via Wayback, 16 January 2006

I offered a former SEC Regulatory Counsel access to my files (certainly the most comprehensive of any expert in this matter). When I told him the sheer size of the files and suggested he might want me to parse them to him, he said “I’ll call you.” Right. It was obvious he wanted plausible deniability. I expected no call, and got none.

Having said that, this morass is turning into a situation analogous to the stage Slavery was in 1860, when Lincoln made his great speech at Cooper Union in New York City, containing the third element of his statement supporting the concept of “Right makes Might.”

Access archived page.