Bandit Gang Writ Large

Judge Gives ’5 Second Probation’ In Widow’s $21M Tax Case

"Consider 79 year-old Mary Estelle Curran of Palm Beach who inherited Swiss and Liechtenstein accounts when her husband died in 2000. She failed to report them and the IRS lost out on approximately $667,716 in taxes. That’s a lot of money to be sure, but the size of her penalty was, well, enormous: 50% of the highest balance: $21,666,929. And that’s not all. She was facing serious jail time too. And it seemed doubly unfair that she was unsophisticated and had tried to come forward to the IRS long before. Fortunately, though, U.S. District Judge Kenneth Ryskamp eased up, even suggesting that the government could probably use a little more discretion." Continue reading →

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Argentina’s Mad Dash for U.S. Dollars

"If you find yourself driving through the suddenly packed condo canyons of Miami—lamenting not having bought during the property crash—shake a fist or two at the Argentines. So many of them ponied up 80 percent cash down payments on units that South Florida’s condo depression rather abruptly turned into another boom. Their thinking was defensive: Swap iffy pesos for dollars and store that value in U.S. property, out of the prying hands of the government back home. Now, with Buenos Aires finding some rather innovative ways to crack down on the flight to dollars, that spirit of capital preservation has morphed into a panic." Continue reading →

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4 Things to Buy Before Congress Passes the Sales-Tax Law

"Last week, Congress cleared the way for a May vote on the Marketplace Fairness Act, which requires online retailers to collect sales tax on all purchases. Under current law, states can only require online sellers to collect sales tax if they have a physical presence in that state. E-books are exempt. Marketwatch says these 4 things should be bought before the bill becomes law: 1. Electronics; 2. Jewelry; 3. Designer clothes and accessories; 4. Furniture and fixtures." Continue reading →

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NYPD stop-and-frisk whistleblowers facing retribution

"Cops who testified against the New York City Police Department’s stop-and-frisk policy have faced retribution from higher-ups and officers who subscribe to the idea that the controversial tactic, deemed unconstitutional by major courts, is fair and legal. NYPD officer Pedro Serrano told the Associated Press that, along with finding a sticker of a rat pasted to his locker, he says he's been micromanaged - including transferral to a different precinct to work an overnight shift. He also claimed that he was refused overtime hours amid an otherwise erratic schedule." Continue reading →

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Rand Paul stirs business ire over blocking of U.S. tax treaties

"Citing privacy concerns about Americans' tax data, Paul, a Republican and libertarian, has single-handedly blocked Senate action on treaties with Hungary, Switzerland and Luxembourg that have been signed by authorities on both sides, but have been awaiting Senate review since 2011. Major U.S. businesses such as IBM Corp and Fluor Corp are lobbying for Senate action on tax treaties, according to Senate lobbying disclosure documents. The U.S. Treasury in 2012 began signing new tax pacts with countries as part of implementation of the U.S. Foreign Account Tax Compliance Act, a 2010 anti-tax-evasion law." Continue reading →

Continue ReadingRand Paul stirs business ire over blocking of U.S. tax treaties

Canada to tax Bitcoin transactions

"Canadians using bitcoins, the decentralized crypto-currency that recently went mainstream, must report their incomes and pay taxes as with other earnings, Canada's Revenue Agency (CRA) confirmed following a media request. The issue was clarified in response to a letter by the Canadian Broadcasting Corporation (CBC) ahead of the country's tax season. Two separate tax rules are applicable to the electronic currency. When bitcoins are used as money to buy goods and services, the transaction is treated as barter and is taxable as such. When they are traded at a market for profit, they may be taxed as capital gains." Continue reading →

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CIA ‘gave millions in cash’ to Karzai over the years

"The CIA has delivered tens of millions of dollars in cash packed in suitcases and backpacks to the office of Afghan President Hamid Karzai for more than a decade. 'We called it ghost money,' Khalil Roman, Karzai’s deputy chief of staff from 2002 to 2005, told the Times. 'It came in secret, and it left in secret.' The money was aimed at obtaining influence, but instead fueled rampant corruption, current and former officials told the newspaper. There appears to be no oversight over the secret CIA money, which is aimed at gaining influence by paying off warlords and politicians including some linked to the drug trade and even the Taliban." Continue reading →

Continue ReadingCIA ‘gave millions in cash’ to Karzai over the years

Tax disclosure report reveals ‘minnows’ paid penalties of as much as 129x tax owed

"Thousands of middle-class immigrants and emigrants owed Uncle Sam less than three hundred dollars of back taxes per year, and for that the IRS put them through a nightmare involving tens of thousands of dollars of penalties and lawyers fees, and threats of criminal charges and jail time if they dared to exercise their right to opt out. This is not tax collection; this is asset confiscation, plain and simple. This of course won’t matter at all to Homelanders, who will continue screaming for traitorous emigrants to be stripped of all their assets and thrown into jail over two and three digit annual income tax deficiencies." Continue reading →

Continue ReadingTax disclosure report reveals ‘minnows’ paid penalties of as much as 129x tax owed

California: Audit Finds Nearly Non-Existent Yellow At Red Light Camera Intersection

"Red light camera opponents often charge municipalities exploit intersections that have dangerously short yellow times for the purpose of issuing tickets. An outside audit of the Sacramento, California red light camera program confirmed that tickets were issued at an intersection where the yellow warning period on occasion flashed by faster than the eye could see. The Redflex camera system reported seeing yellows as short as 0.056 seconds on July 11, 2012 at around 9:30am. The report also chided officials for not trimming trees when the limbs hide the cameras and legally required warning signs." Continue reading →

Continue ReadingCalifornia: Audit Finds Nearly Non-Existent Yellow At Red Light Camera Intersection

Bloomberg News Writes About Americans ‘Paying Up’ Wherever They Reside…

"Why not renounce you say? Because, I never had a clue until now (at age 50) that USA even considered me a taxpayer. Why would I? It makes no sense to tax people who DO NOT LIVE in USA, never worked there, never earned income there, and never plan to live there. No other country does this. Since all the publicity surrounding FATCA, I discover I am in big trouble for not filing all these years, even though I have always paid taxes to the Canadian government. USA will not let me renounce unless I can prove 5 years of US tax compliance which requires paying 10′s of thousands in lawyers and accounting fees and risking PENALTIES for previous non-filing." Continue reading →

Continue ReadingBloomberg News Writes About Americans ‘Paying Up’ Wherever They Reside…