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July 2017 Archives

DOJ Still Prosecuting Tax Cheats in U.S. and Abroad

Susanne D. Rüegg Meier, a citizen and resident of Switzerland, pleaded guilty on July 19, 2017, to conspiring with U.S. taxpayers and other Swiss bankers to defraud the United States as the head of a team of bankers for Credit Suisse AG between 2002 and 2011. She was responsible for the accounts of over 1,000 clients and handled approximately $400 million in assets. Her conduct led to an estimated U.S. tax loss of between $3.5 and $9.5 million. Sentencing in this case is scheduled for early September 2017; Rüegg Meier faces a maximum of five years in prison, a period of supervised release, and restitution penalties.

National Taxpayer Advocate Releases FY 2018 Objectives Report to Congress

National Taxpayer Advocate Nina Olson recently released her FY 2018 Objectives Report to Congress summarizing the recent filing season and future goals to improve Internal Revenue Service (IRS) interactions with US taxpayers.

Montenegro Agrees to Implement FATCA Provisions

On June 1, 2017, U.S. Ambassador Margaret Ann Uyehara and Montenegrin Finance Minister Darko Radunovic signed an Intergovernmental Agreement (IGA) to combat offshore tax evasion by implementing the provisions of the Foreign Account Tax Compliance Act (FATCA). Banks from Montenegro will be able to share information about financial accounts of U.S. citizens with the IRS.

TIGTA Says the IRS Needs to Improve its Records Retention Policies

Ordinarily, the taxpayer has the burden of proving a tax return is accurate. But when the IRS has to produce documents, its record-keeping practices are lacking. The Treasury Inspector General for Tax Administration (TIGTA) released a report on July 13, 2017, that found that the IRS' electronic record retention policies do not comply with certain Federal requirements that records remain retrievable and usable for the time period needed. For example, e-mail messages are not automatically archived for all IRS employees, and the manual methods used to counteract this gap are inadequate when computer hard drives are destroyed or damaged as media storage policies and tools change.

Security Summit to Tax Professionals: Stay Vigilant

The Internal Revenue Service (IRS), as part of the Security Summit, is urging tax professionals to stay vigilant with regard to a variety of e-mail scams and "spear phishing" that aim to steal personal information about clients and companies.  Between January and May 2017, some 177 tax professionals or firms reported data thefts involving thousands of clients' information.

Senate Committee on Finance Requests Comments On Taxation

United States Senate Committee on Finance Chairman Orrin G. Hatch recently issued a request to experts and stakeholders for comments and recommendations to improve the federal tax system. The committee is specifically seeking ideas about how to provide tax relief to the middle class; how to strengthen businesses of all sizes through the tax system; how to encourage savings and investment and remove tax-related obstacles to such; and how to update the international tax system to stay competitive in the global economy.

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