News Coverage

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Vanguard faces tax evasion charges in ex-employee's whistleblower suit

Vanguard faces tax evasion charges in ex-employee's whistleblower suit

Ex-employee alleges low-cost fund provider operated as an illegal tax shelter, avoided about $1 billion in taxes over 10 years

- Investment News
The Vanguard Group Inc. is facing whistleblower allegations that it has avoided paying $1 billion in state and federal taxes over the last decade, according to a copy of the complaint.
“Vanguard has operated as an illegal tax shelter for nearly 40 years” by providing services “at prices designed to avoid federal and state income tax” and sheltering hundreds of millions in income, the complaint alleges.
The complaint was brought by a former Vanguard employee...
Hundreds of small real estate investors scammed in $250 million Ponzi scheme

Hundreds of small real estate investors scammed in $250 million Ponzi scheme

- Personal Real Estate Investor
A giant Ponzi scheme described by one attorney as “the worst I have ever seen,” involving perhaps up to 1,000 small real estate investors across the country and more than $250 million, is starting to come to light following a fraud complaint filed June 18 against Cabot Investment Properties by the Commonwealth of Massachusetts.
Brian Mahany, an attorney whose firm represents more than 200 victims trying to recover funds, said, “This truly is the worst Ponzi scheme I have...
‘Ponzi scheme’ costs East Town investors more than $200K

‘Ponzi scheme’ costs East Town investors more than $200K

- Green Bay Press Gazette
Several Northeastern Wisconsin residents were among those who had millions of dollars stolen by investors to fund a lavish New York lifestyle, according to their attorney.
The local investors — some of them elderly people who risked significant parts of their life savings for what was billed as quality retirement income — were among more than 500 people nationwide who paid a Boston investment firm for ownership stakes in properties including Green Bay’s East Town...
FATCA Is Far from a Done Deal

FATCA Is Far from a Done Deal

- Financial Sense
Largely affecting those banks outside of the U.S., the Foreign Account Tax Compliance Act requires all foreign financial institutions to report the activities of their American clients to the Internal Revenue Service. But given the recent demands from other nations hinting at reciprocity, the overreaching legislation could impact banks and financial institutions in the U.S. as well.
Now, there is the additional element of certain key countries rejecting FATCA outright, and the...
Troubled Cath Lab Lands Certification

Troubled Cath Lab Lands Certification

- Medpage Today
A year ago, Excela Heath in Greensburg, Pa., was the center of an overstenting controversy. Today, its cath lab has achieved accreditation, even as new overstenting allegations surfaced in another part of Pennsylvania.
The new overstenting charges come from Tullio Emanuele, MD, a former cardiologist with Hamot Medical Center in Erie, Pa., now called UPMC Hamot because of its affiliation with the University of Pittsburgh Medical Center.
Emanuele, who now practices in Kentucky, filed...
Unreported offshore accounts

Unreported offshore accounts

A ticking time bomb for clients and CPAs

- Florida CPA Today
The April 15 filing deadline has passed and plenty of time remains for clients on extension. Another deadline is quickly approaching, however. For tens of thousands of Florida residents it may mean the difference between peace of mind and criminal prosecution.
Aug. 31 is the deadline to participate in the IRS's offshore Voluntary Disclosure Initiative (tax amnesty). If you think this doesn't apply to any of your clients or couldn't affect your practice, read on.
The IRS launched its...
Noted Tax Lawyer Brian Mahany Warns Taxpayers Who Have Created “419″ and Captive Insurance Plans of IRS Crackdown

Noted Tax Lawyer Brian Mahany Warns Taxpayers Who Have Created “419″ and Captive Insurance Plans of IRS Crackdown

- Breaking Online News
As many businesses and high net worth individuals scramble to engage in year-end tax reduction strategies, many will find themselves investing in what the IRS considers an abusive tax shelter.
Thousands of taxpayers each year rely on insurance agents and financial planners for complex tax advice. That sometimes results in big problems, according to Wisconsin tax lawyer Brian Mahany. Mahany says the problem is acute with so called “419 plans” and captive insurance...
Out of the box

Out of the box

Lawyers Turn to Innovative Practice Areas to make Their Mark

- Wisconsin Law Journal
Three innovative Wisconsin attorneys have three things in common. They all practice within their own small firms, and they all serve clients nationwide. But what makes them stand out as leaders, for the most part, is a third commonality: They’re all practicing in areas that didn’t exist when they were in law school.
ASSET RECOVERY If not for the infamous Bernie Madoff, Brian H. Mahanymight not have a cutting edge practice concentration. Madoff’s arrest and conviction...
Section165 Fraud Loss Deductions

Section165 Fraud Loss Deductions

One of IRS' best kept secrets

- Frequency Magazine
If 2008 was the year that the economy started its tailspin, this is the year that Bernie Madoff, Sir Allen Stanford and Ponzi schemes dominated financial headlines. These events have a significant impact on accountants with tax practices and present excellent opportunities to assist clients.
Fraud losses are estimated to be in the tens of billions of dollars. Some people lost their entire life savings. Adding to the injury, many of these same people paid taxes for years on "paper" gains...
Switching Sides

Switching Sides

- Wisconsin Law Journal
They’ve walked a mile — and then some — in another’s shoes.
They’re lawyers who’ve changed the focus of their practices 180 degrees, joining “the other side.” Some made the change mostly out of practicality, while others said their personal values played a central role in the decision.
A couple of universal themes emerge from all their stories — that change is to be embraced; and that the experience of seeing an area of law from...
170 Articles
• More recent • Page 17/17 • Older