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Scarinci Hollenbeck remains committed not only to providing top-tier legal services but also to regularly providing information and resources to our client base and internet following. Client Alerts provided by our attorneys supply businesses, municipalities, and more with the latest and relevant legal updates that may impact them and how they might be able to proceed.

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Potential Criminal & Civil Penalties for Offshore Tax Avoidance

While it may seem crazy to notify the Internal Revenue Service (IRS) that you have potentially broken the law, it often outweighs the risks of the agency discovering that you have failed to disclose and pay taxes. That’s because the IRS is authorized to impose significant civil and criminal penalties against you. Paying Taxes on […]

Author: Harvey R. Poe

April 12, 2018

NJ May Become First State to Ban Corporate Tax Inversions

Will NJ become the first state to ban corporate tax inversions? Some lawmakers in the New Jersey state legislature recently announced plans to remove incentives and cut contracts with U.S. companies that move offshore for tax purposes. According to a NorthJersey.com report, the proposed law changes are the direct result of Pfizer Inc.’s merger with […]

Author: Frank L. Brunetti

February 12, 2016

The Accidental American

The imposition of penalties asserted against holders of undeclared offshore accounts has received much attention. Coupled with criminal prosecutions, including foreign banks, such as Credit Suisse and two of its bankers, should convince American citizens of the importance of compliance. The compliance obligation also applies to resident aliens and this is not surprising. The untold […]

Author: James F. McDonough

March 30, 2015

Report: IRS Needs to Reevaluate Tax Gap Estimate

The Internal Revenue Service needs to improve or update the strategies it uses to estimate the federal tax gap, according to a recent report conducted by the Treasury Inspector General for Tax Administration. The TIGTA analysis argued that the IRS needs to work on the comprehensiveness, accuracy, reliability, and timeliness of the tax gap estimate, particularly as […]

Author: Frank L. Brunetti

October 11, 2013

Beanie Baby Founder Pleads Guilty to $53-Million Tax Evasion

Ty Warner, founder of the iconic Beanie Baby empire, has agreed to plead guilty to federal tax evasion charges. His admission comes only days after being listed by Forbes as one of the richest people in the world. Warner was formally charged last week in a U.S. District Court for hiding more than $3.1 million in […]

Author: Frank L. Brunetti

October 7, 2013

OECD Pronounces Plan for Tax Evasion Reduction

Tax law violations are typically a crime that most people hear about in domestic news, but tax evasion and fraud appear to be an increasingly global phenomenon. As more individuals take advantage of favorable regulations and tax benefits in offshore accounts and foreign financial institutions, the ability to commit tax evasion has become more accessible. […]

Author: Scarinci Hollenbeck, LLC

August 2, 2013

ICIJ Publicly Releases New Offshore Tax Haven Report

The Internal Revenue Service, lawmakers and Americans began paying more attention to the International Consortium of Investigative Journalists following its public release of hundreds of names and financial details of offshore account holders in April. Now, the ICIJ has released a new report, which gives the public access to extensive offshore tax haven records through its new […]

Author: Frank L. Brunetti

July 1, 2013

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