$14 Million Civil Penalty Charged for Failure to Report Offshore Accounts

A U.S. permanent resident from South Korea pled guilty on October 26th to charges of failing to report offshore bank accounts to the IRS. Hyung Kwon Kim, a resident of Connecticut and citizen of South Korea, admitted to holding unreported Swiss bank accounts, which were concealed through a number of entities based in offshore tax havens. Mr. Kim also admitted to filing false tax returns from 1999 through 2010, in which he omitted the income generated from his offshore Swiss accounts. In addit...

New York Attorney Pleads Guilty to Tax Evasion

On Thursday, October 12, 2017, Herbert Lindenbaum, a personal injury and medical malpractice attorney, pled guilty to tax evasion, following a nearly two-decade scheme to evade $3.4 million in taxes.  The scheme involved paying family members for work they did not do in order to create the appearance that his firm was earning little to no income, disguising income by depositing business funds into his wife’s personal account, and using his firm’s funds for personal expenses.  Lindenbaum faces up...

U.S. Government Continues Suit vs. Taxpayer With Unreported Offshore Bank Accounts

The U.S. government is moving forward in its lawsuit against a U.S. taxpayer accused of a willful failure to disclose offshore bank accounts. In Washington State district court, a judge denied the taxpayer, Jeffrey P. Pomerantz’s, motion to dismiss the case, instead ruling that the government had provided sufficient factual evidence to support a “reasonable inference” that Mr. Pomerantz was liable of a willful failure to report accounts he controlled in Canada and Switzerland during tax years 20...

Daniel Rosefelt & Associates Welcomes New Attorneys

Daniel Rosefelt & Associates, LLC is pleased to announce the additions of attorneys John Samuels Pontius, Jr. and Derek B. Wagner to the firm.  They bring extensive knowledge in the areas of international tax, tax controversy and U.S. Tax Court litigation.   Prior to joining the firm, John Samuels Pontius, Jr. was a Senior Associate at a tax controversy law firm in Annapolis, Maryland.  He represented individuals and businesses with issues in international tax and tax controversy....

Virginia Offers Tax Amnesty Program for Delinquent Taxes Paid by November 14

During its 2017 session, the Virginia General Assembly enacted, and Governor Terry McAuliffe later signed, a series of provisions creating a Virginia Tax Amnesty Program (VTAP), the goal of which is to increase and accelerate the collection of unpaid Virginia taxes.  VTAP offers amnesty for a broad range of unpaid tax liabilities, including most 2015 and earlier individual and corporate income taxes, if certain conditions are met.  The program will run from September 13, 2017, through November 1...