Hedge fund and manager pay New York $105 million to settle tax evasion case initiated by whistleblower

The New York State Attorney General Letitia James and New York City Corporation Counsel John E. Johnson have settled a state tax evasion case for $105 million against Thomas Sandell of Sandell Asset Management Corporation (SAMC), a hedge fund. It is alleged that Sandell, through his firm, recognized over $450 million in management and performance […]

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Major Canadian cryptocurrency exchange Coinsquare ordered to hand over client info to federal tax authorities

A major Canadian cryptocurrency exchange Coinsquare of Toronto has been ordered to render its client information to federal tax authorities following a first-of-its-kind court ruling. The Federal Court issued an order compelling Coinsquare Ltd. to reveal customer details to the Canada Revenue Agency as it expands its enforcement among cryptocurrency holders and traders. The tax agency […]

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Switzerland’s oldest private bank Rahn & Bodmer pays U.S. $22 million for helping holders file false tax returns defrauding IRS of millions

Rahn & Bodmer, Zurich Switzerland’s oldest private bank, will pay $22 million to the U.S. government for conspiring to help U.S. account holders file false federal tax returns and defraud the IRS  hiding hundreds of millions of dollars offshore. Rahn & Bodmer helped U.S. account holders file false federal tax returns and commit tax evasion […]

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District of Columbia expands whistleblower law to allow individuals to bring suits for tax law violations and win awards upto 30%

  A new law in Washington D.C. amends the District’s False Claims Act to allow qui tam actions for violations of District tax laws. These are lawsuits through which private individuals assisting a prosecution can retain part of the taxes and fraud penalties recovered by the government. The bill, signed by Mayor Bowser on January 13, […]

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The Internal Revenue Service hiring independent consults to help find cryptocurrency tax evaders

The  IRS sent out a statement of work (SOW) on May 12 requesting help from independent consultants to crack down on cryptocurrency tax non-compliance. According to the SOW, the IRS is seeking help from technology companies with crypto tax software to reconcile taxpayers’ reported cryptocurrency gains and losses on the tax returns. The process includes […]

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