tax evasion

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Trump Could Face 'Staggering' Tax Penalty

NY officials 'vigorously pursuing' investigation

(Newser) - Though President Trump insists he did nothing wrong on his taxes , experts say he could be on the hook for tens of millions of dollars in civil fines if state and federal authorities substantiate a New York Times report that found he and his family cheated the IRS for decades....

Report: Cohen Subpoenaed in Trump Foundation Case

He's also suspected of violating NY tax law

(Newser) - New York's attorney general is looking to open a criminal investigation into whether Michael Cohen violated state tax law, a person familiar with the matter tells the AP . Attorney General Barbara Underwood has requested a criminal referral from the state tax department to investigate and potentially file charges against...

Spanish Princess's Husband Ordered to Head to Prison

Supreme Court upheld Inaki Urdangarin's conviction on Tuesday

(Newser) - Judicial authorities on Wednesday told the brother-in-law of Spain's King Felipe VI that he must report to a prison within five days to serve five years and 10 months for fraud and tax evasion, among other crimes. Inaki Urdangarin, a former Olympic handball medal winner who has been married...

Australia Outlaws Cash for Purchases Over $7.5K

It's the government's attempt to keep money laundering and tax evasion at bay

(Newser) - Hoping to cripple organized crime and tamp down on tax evasion and money laundering, Australia has announced its latest tactic: not allowing cash purchases over $7,500 for goods and services. The West Australian reports the new rule—which will require consumers to use a check or electronic service such...

Cops Bust 'Psycho Sect' That Pushed Strict Macrobiotic Diet

Italian police say one follower of Mario Pianesi dropped to just 77 pounds

(Newser) - He called doctors "assassins" and convinced sick followers to adhere to a strict macrobiotic diet, police in Italy say. But in reality, police say those who followed the teachings of 73-year-old Mario Pianesi and his 51-year-old wife were fleeced for money, manipulated into working for next to nothing for...

DMX Faces 40 Years for Alleged Tax Evasion

He hid millions from 2010 to 2015, say prosecutors

(Newser) - Legal trouble is nothing new for DMX —but paying taxes allegedly is, which is why he's back in police custody. The rapper surrendered to law enforcement in Manhattan on Thursday to face allegations that he owes $1.7 million to the IRS after "engaging in a multi-year...

India's Shocking Move to Catch Tax Evaders

It's pulling its two largest bank notes from circulation

(Newser) - A surprise announcement out of India Tuesday night is being called by local media a "surgical strike" against currency corruption that's infiltrated the nation, the BBC reports. Per CNNMoney , India Prime Minister Narendra Modi announced that the country's two largest current bank notes—the 500-rupee note and...

Seeking Good PR, IRS Busted With Wrong Capone Gun

After input from readers, the IRS has gotten its story straight

(Newser) - It was a story the Internal Revenue Service needed to get right, a we-done-good look back at the 1931 conviction of legendary gangster Al Capone for tax evasion—a feat they pulled off when no one else could get him on any other charges. Hoping for some good press, the...

Some of the Panama Papers Won't Be Released

Leaker had 'very strong moral impulse'

(Newser) - The newspaper that first received the Panama Papers says it isn't going to release all 11.5 million files it received from a whistleblower to the public or to law enforcement—because it "isn't the extended arm of prosecutors or the tax investigators." Sueddeutsche Zeitung has...

Winner of Panama Papers Scandal: Bernie Sanders?

He spoke out about offshore tax havens 5 years ago

(Newser) - "Panama is the world leader when it comes to allowing wealthy Americans and large corporations to evade US taxes by stashing their cash in offshore tax havens." It's a quote as timely today as it was in 2011 when Bernie Sanders spoke about the Panama Free Trade...

Ikea Accused of Funneling Money, Evading $1B in Taxes

'Profit shifting' apparently common in Europe

(Newser) - How do you say "large-scale tax avoidance" in Swedish? That's what a new report from the European Parliament's Greens/European Free Alliance group is accusing Ikea of, to the tune of $1.1 billion, per CNNMoney . The report alleges that the retail giant funneled money from its stores...

Bar Refaeli, Mom Arrested for Tax Evasion

Israeli supermodel allegedly skirted taxes

(Newser) - Bar Refaeli, Israeli supermodel, draft-dodger , and ex-galpal of Leonardo DiCaprio , has been arrested for alleged tax evasion, AFP reports. Israeli authorities say Refaeli lied about her residency in order to skirt taxes on millions in income from abroad; she's also suspected of failing to report benefits (like free luxury...

Huge Leak Exposes Bank's Tax-Dodging Secrets

Whistleblower made off with 100K Swiss files

(Newser) - Herve Falciani may not be a household name, but he has done to banking giant HSBC what Edward Snowden did to the NSA. A huge cache of files the IT expert obtained in 2007 has revealed how HSBC's Swiss arm not only held secret accounts for some of the...

After Talk With Boehner, NY Rep Steps Down

Grimm pleaded guilty to tax evasion last week

(Newser) - Rep. Michael Grimm told reporters he wouldn't resign after he pleaded guilty to tax evasion last week, but John Boehner appears to have used his powers of persuasion on New York City's only Republican representative in Congress. Grimm announced his resignation in a statement last night that sources...

NY Rep Grimm Pleads Guilty to Tax Evasion

Sentencing set for June 8

(Newser) - As expected , US Rep. Michael Grimm has pleaded guilty in a federal tax-evasion case that he fought as he won re-election this fall. Grimm pleaded guilty today in a New York federal court to one count of aiding in the filing of a false tax return. Sentencing is set...

Sources: NY Rep Grimm to Plead Guilty to Tax Evasion

His hearing is scheduled for tomorrow in Brooklyn

(Newser) - People familiar with the case tell the AP that US Rep. Michael Grimm of New York City is planning to plead guilty to a tax evasion charge instead of going to trial next month. A plea hearing is scheduled for tomorrow in federal court in Brooklyn. Lawyers for Grimm and...

Adolf Hitler: Billionaire Tax Dodger?

Documentary claims he was both secret billionaire, tax evader

(Newser) - Amid Adolf Hitler's staggeringly horrific crimes against humanity, some pretty heavy-duty tax evasion appears to have been overlooked, a new British documentary set to air Friday finds. The Hunt for Hitler's Missing Millions argues that the Fuhrer had plenty of money-making schemes, the Mirror reports: He copyrighted his...

US Charges Swiss Bank in Tax Evasion Case
Swiss Bank: Yep, We Helped Americans Duck Taxes
updated
May 19, 2014 5:15 PM CDT

Swiss Bank: Yep, We Helped Americans Duck Taxes

Credit Suisse pleads guilty in Justice Department case

(Newser) - Credit Suisse AG has pleaded guilty to helping wealthy Americans avoid paying their taxes through offshore accounts, CNN Money reports. A person familiar with the matter said the European bank has agreed to pay about $2.6 billion in penalties, which will apparently be paid to the Justice Department and...

Bank's 'Spy Novel' Tactics Hid US Tax Dodgers' Billions

And Justice Dept. did little to respond, per Senate report on Credit Suisse

(Newser) - Swiss bank Credit Suisse helped thousands of Americans keep as much as $12 billion in assets tucked away from the eyes of the IRS, a Senate report out yesterday alleges—and the bank used some unconventional techniques in the process, including once hiding bank statements in a copy of Sports ...

Beanie Babies Owner to Pay $53M Over Secret Account

Ty Warner will plead guilty to felony tax evasion charges

(Newser) - Creating Beanie Babies helped Ty Warner become the 209th richest man in America as of this year, with a net worth of $2.6 billion, according to Forbes . But a penalty will chip away at that sum: Warner has agreed to pay $53.5 million and plead guilty to tax-evasion...

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