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Unreported Income

U.S. Senate panel to hold hearing on Caterpillar offshore taxes

U.S. Senate panel to hold hearing on Caterpillar offshore taxes

WASHINGTON (Reuters) – A U.S. Senate subcommittee known for investigating corporate tax avoidance said on Monday it will hold a hearing on April 1 to examine the offshore tax strategies of Caterpillar Inc, the world’s largest mining and construction equipment maker. Witnesses at the hearing will include officials from Caterpillar and Big Four accounting firm […]

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German rich and famous in taxman’s crosshairs

German rich and famous in taxman’s crosshairs

German rich and famous in taxman’s crosshairs as reported in the news. Many of Germany’s rich, powerful and famous have hit trouble recently, not because of drugs or sexual escapades, but because the taxman has found out about their Swiss bank accounts. A football legend, a feminist icon and several politicians have issued rueful apologies […]

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U.S. says has 106 Swiss requests to join anti-tax-dodging deal

U.S. says has 106 Swiss requests to join anti-tax-dodging deal

WASHINGTON (Reuters) – The U.S. Justice Department has received 106 requests from Swiss entities to participate in a U.S. settlement program aimed at ending a long-running probe of tax-dodging by Americans using Swiss bank accounts, a senior U.S. government official said on Saturday. Speaking at a legal conference in Phoenix, Arizona, assistant attorney general for […]

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2014: IRS Warns Taxpayers Voluntarily Coming Into Offshore Compliance To Be Truthful

2014:  IRS Warns Taxpayers Voluntarily Coming Into Offshore Compliance To Be Truthful

Editor’s Note:  This is a re-blog for January 2014:  IRS warns taxpayers voluntarily coming into offshore compliance to be truthful [ABA Tax Section meeting San Diego 2/18/2012]: The IRS is aggressively using intelligence gathered from the agency’s Offshore Voluntary Compliance Program to study the movement of undisclosed funds abroad and to deter tax avoidance, an […]

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2014: The IRS’s Offshore Voluntary Disclosure Programs Discourage Voluntary Compliance by Those Who Inadvertently Failed to Report Foreign Accounts

2014: The IRS’s Offshore Voluntary Disclosure Programs Discourage Voluntary Compliance by Those Who Inadvertently Failed to Report Foreign Accounts

Editor’s Note:  This is a re-blog in January 2014:  As noted by Nina Olsen, in her National Taxpayer Advocate Delivers Annual Report to Congress, one of the most serious problems of the IRS is the IRS’s Offshore Voluntary Disclosure Programs Discourage Voluntary Compliance by Those Who Inadvertently Failed to Report Foreign Accounts.    This article […]

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2014: IRS Voluntary Disclosure – Option #2 – Participate “Somewhat” But Not Completely: Options for Taxpayers Contemplating the Program

2014:  IRS Voluntary Disclosure – Option #2 – Participate “Somewhat” But Not Completely:  Options for Taxpayers Contemplating the Program

NOTE: JUNE 18, 2014 – – The IRS came out with NEW and REVISED Rules and Procedures for the Offshore Voluntary Disclosure Program and the Streamlined Compliance Filing Procedures. Here are the links to two articles which are MUST reads: 1. 2014 – New IRS Offshore Voluntary Disclosure Program (OVDP), Amnesty, and Streamlined Compliance Filing […]

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2014: Here We Go Again — IRS Announces Third Offshore Voluntary Disclosure Program

NOTE: JUNE 18, 2014 – – The IRS came out with NEW and REVISED Rules and Procedures for the Offshore Voluntary Disclosure Program and the Streamlined Compliance Filing Procedures. Here are the links to two articles which are MUST reads: 1. 2014 – New IRS Offshore Voluntary Disclosure Program (OVDP), Amnesty, and Streamlined Compliance Filing […]

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2014: IRS Voluntary Disclosure – To Participate or Not Participate, That is the Question: Options for Taxpayers Contemplating the Program

2014:  IRS Voluntary Disclosure – To Participate or Not Participate, That is the Question:  Options for Taxpayers Contemplating the Program

NOTE: JUNE 18, 2014 – – The IRS came out with NEW and REVISED Rules and Procedures for the Offshore Voluntary Disclosure Program and the Streamlined Compliance Filing Procedures. Here are the links to two articles which are MUST reads: 1. 2014 – New IRS Offshore Voluntary Disclosure Program (OVDP), Amnesty, and Streamlined Compliance Filing […]

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2014: Last chance to enter into IRS “amnesty” program, Offshore Voluntary Disclosure Program?

2014: Last chance to enter into IRS “amnesty” program, Offshore Voluntary Disclosure Program?

NOTE: JUNE 18, 2014 – – The IRS came out with NEW and REVISED Rules and Procedures for the Offshore Voluntary Disclosure Program and the Streamlined Compliance Filing Procedures. Here are the links to two articles which are MUST reads: 1. 2014 – New IRS Offshore Voluntary Disclosure Program (OVDP), Amnesty, and Streamlined Compliance Filing […]

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Former Brokerage Firm Operations Head Indicted for Tax Crimes

Former Brokerage Firm Operations Head Indicted for Tax Crimes

As reported in the DOJ Press Release, Former Brokerage Firm Operations Head Indicted for Tax Crimes, an indictment was unsealed charging Dominick Pannitti, formerly of North Bellmore, N.Y., with tax crimes, the Justice Department announced. According to the indictment, which was returned by a grand jury on Sept. 26, 2013, Pannitti was Head of Operations […]

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Bankers’ lawsuit jeopardizes U.S. tax dodger crackdown

Bankers’ lawsuit jeopardizes U.S. tax dodger crackdown

WASHINGTON/NEW YORK (Reuters) – A court challenge by Texas and Florida bankers threatens to undermine a broad U.S. government crackdown on offshore tax avoidance and jeopardize a web of carefully crafted international agreements, tax lawyers said recently. The Texas Bankers Association and the Florida Bankers Association, both industry groups, have filed a lawsuit attempting to […]

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Additional Charges Brought Against Tax Return Preparers Previously Charged With Helping Clients Hide Millions In Offshore Israeli Banks

Additional Charges Brought Against Tax Return Preparers Previously Charged With Helping Clients Hide Millions In Offshore Israeli Banks

As reported in the DOJ Press Release, Additional Charges Brought Against Tax Return Preparers Previously Charged With Helping Clients Hide Millions In Offshore Israeli Banks, David Kalai and Nadav Kalai face additional charges after a federal grand jury in the Central District of California returned a second superseding indictment. The superseding indictment charged each with […]

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U.S., some Swiss banks near tax probe deal – Justice Dept.

U.S., some Swiss banks near tax probe deal – Justice Dept.

As reported in the news in Reuters, the U.S. government expects to announce within days a program that would allow some Swiss banks to avoid or defer prosecution under a probe of offshore tax dodging by Americans, a senior Justice Department official said on Wednesday. The program would exclude the 14 Swiss banks that are […]

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Brothers who Made ‘Contributions’ to Orthodox Jewish Organizations Plead Guilty to Tax Evasion after Taking Secret Refunds from Groups

Brothers who Made ‘Contributions’ to Orthodox Jewish Organizations Plead Guilty to Tax Evasion after Taking Secret Refunds from Groups

As reported by the Department of Justice press release, two brothers who made tens of thousands of dollars of contributions to charitable organizations operating under the umbrella of a New York-based orthodox Jewish group known as Spinka pleaded guilty today to tax fraud for taking tax deductions for contributions that were refunded by the non-profits. […]

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Court Authorizes Service of John Doe Summons Seeking the Identities of U.S. Taxpayers with Offshore Accounts at Canadian Imperial Bank of Commerce’s FirstCaribbean International Bank

Court Authorizes Service of John Doe Summons Seeking the Identities of U.S. Taxpayers with Offshore Accounts at Canadian Imperial Bank of Commerce’s FirstCaribbean International Bank

As reported in the news of the Department of Justice, the Justice Department announced that  a federal court in San Francisco entered an order authorizing the Internal Revenue Service (IRS) to serve a John Doe summons seeking information about U.S. taxpayers who may hold offshore accounts at Canadian Imperial Bank of Commerce FirstCaribbean International Bank […]

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Massachusetts Man Sentenced In Manhattan Federal Court For Hiding Millions From IRS In Swiss Bank Accounts

Massachusetts Man Sentenced In Manhattan Federal Court For Hiding Millions From IRS In Swiss Bank Accounts

According to the Department of Justice Press Release, Massachusetts Man, Jacques Wajsfelner, Was Sentenced In Manhattan Federal Court For Hiding Millions From IRS In Swiss Bank Accounts.   Preet Bharara, the United States Attorney for the Southern District of New York, announced that JACQUES WAJSFELNER was sentenced today to six months of probation, including three months […]

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IRS, Australia and United Kingdom Engaged in Cooperative Effort to Combat Offshore Tax Evasion

IRS, Australia and United Kingdom Engaged in Cooperative Effort to Combat Offshore Tax Evasion

The tax administrations from the United States, Australia and the United Kingdom announced a plan to share tax information involving a multitude of trusts and companies holding assets on behalf of residents in jurisdictions throughout the world. The three nations have each acquired a substantial amount of data revealing extensive use of such entities organized […]

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Former Deutsche Bank Broker Sentenced In Manhattan Federal Court To 42 Months In Prison For Promoting Illegal Tax Shelters That Generated Billions Of Dollars In Fraudulent Tax Losses

Former Deutsche Bank Broker Sentenced In Manhattan Federal Court To 42 Months In Prison For Promoting Illegal Tax Shelters That Generated Billions Of Dollars In Fraudulent Tax Losses

The Department of Justice reported that David Parse, Former Deutsche Bank Broker, Was Sentenced In Manhattan Federal Court To 42 Months In Prison For Promoting Illegal Tax Shelters That Generated Billions Of Dollars In Fraudulent Tax Losses.  Here’s the Press Release. Preet Bharara, the United States Attorney for the Southern District of New York, and […]

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Switzerland, U.S. consider solution to tax dispute

Switzerland, U.S. consider solution to tax dispute

As reported in the news in Reuters, “Switzerland, U.S. Consider Solution to Tax Dispute,” several interested folks will be taking careful note of the ongoing talks between the respective governments.    The Swiss and U.S. governments are considering a possible solution to a long-running dispute over Swiss banks accused of helping wealthy Americans evade billions of […]

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CA-7 rejects former UBS clients’ suit to recover penalties for undisclosed foreign accounts

CA-7 rejects former UBS clients’ suit to recover penalties for undisclosed foreign accounts

Calling them “tax cheats” and their lawsuit a “travesty,” a Seventh Circuit panel threw out an effort by three former U.S. clients of UBS AG to recover damages associated with the disclosure of their Swiss accounts to the IRS.   Thomas v. UBS AG, (CA 7 02/07/13) No. 11 C 4798 Background. Generally, a U.S. citizen […]

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Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

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Member CA Bar Member Orange County Bar US Tax Court Attorney