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Based on what you posted - those individuals were not
Posted on: August 7, 2018 at 13:01:28 CT
tigerdb MU
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charged with FRAUDULENTLY NOT REPORTING INCOME. Rather their pleas were for maintaining offshore accounts that they did not disclose on their income tax returns (hiding assets.) The penalty for their crimes is generally forfeiture of the hidden assets.
In Manafort's case, the income was earned overseas, brought into the US and never reported (when the tax preparer provided numbers Manafort didn't like, they changed them (yes, the IRS should be auditing every one of that accountant's clients.)
In the cases you cite, it appears that it was previously reported income (assets) sitting in foreign accounts - that UBS moved around (didn't report it on the return & didn't bring it into the US/spend it.) Had Olincoff & Warner listed the foreign assets on their income tax returns, there would have been ZERO tax.
Edited by tigerdb at 13:03:24 on 08/07/18
In Manafort's case, the income was earned overseas, brought into the US and never reported (when the tax preparer provided numbers Manafort didn't like, they changed them (yes, the IRS should be auditing every one of that accountant's clients.)
In the cases you cite, it appears that it was previously reported income (assets) sitting in foreign accounts - that UBS moved around (didn't report it on the return & didn't bring it into the US/spend it.) Had Olincoff & Warner listed the foreign assets on their income tax returns, there would have been ZERO tax.
Edited by tigerdb at 13:03:24 on 08/07/18
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Based on what you posted - those individuals were not - tigerdb MU - 8/7 13:01:28