August 20, 2018

Ja Rule Wouldn’t Be in This Mess If He Had a Decent Accountant

Let’s be honest though, “decent” is probably pushing it. A “below average” accountant could have slapped some numbers on a 1040 and hit the button.

Ja got twenty-eight months for failing to file income tax returns and claims that “[I]n no way attempted to deceive the government or do anything illegal,” he said. “I didn’t know how to deal with these finances, and I didn’t have people to guide me, so I made mistakes.” Anyone near Oneida that’s looking for a new client should feel free to drop by the correctional facility to make a pitch. [HP]

Let’s be honest though, “decent” is probably pushing it. A “below average” accountant could have slapped some numbers on a 1040 and hit the button.

Ja got twenty-eight months for failing to file income tax returns and claims that “[I]n no way attempted to deceive the government or do anything illegal,” he said. “I didn’t know how to deal with these finances, and I didn’t have people to guide me, so I made mistakes.” Anyone near Oneida that’s looking for a new client should feel free to drop by the correctional facility to make a pitch. [HP]

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UBS Closer to Getting the McCarthy Treatment

IRS_logo-thumb-150x140.jpgIf you’ve got a Swiss bank account, here’s hoping you opened it because it was convenient for your monthly skiing/Toblerone getaway.
The U.S. and Swiss governments have agreed to share more tax information in order to crack down on all the tax dodgers out there that send their money offshore. The timing of this agreement is is especially diabolical because the IRS is currently trying to get Swiss bank behemoth UBS to name names of over 50,000 American clients.
Hearings in Miami are scheduled for next month to see if the names can be released, however, the Swiss have stated that this may violate Swiss law of double-secret-no-tattling-on-clients.
Ultimately, the Swiss Federal Council and Parliament will decide if the new agreement is kosh but judging by the Obama Administration’s hard-on for closing tax loopholes, they’ll probably play ball.

U.S. and Switzerland to Share More Tax Data
[DealBook/NYT]

BBC: Grant Thornton is Scheming for the Rich People

Grant-thornton-logo.JPGOkay, so large accounting firms don’t have the best reputations. They also have the tendency to be thick as thieves when they come under scrutiny. And the green eyeshade look has never been one that screams trustworthy.
But now, in what might be a bit of presumptuous awesomeness, the BBC is coming right out and calling Grant Thornton’s Growth Securities Ownership Plan (GSOP) a scheme. Maybe we’re jumping to conclusions but the subtitle doesn’t strike us as being subtle: “A big accountancy firm has denied that it has been peddling a tax avoidance scheme to help rich people avoid paying the new 50% income tax rate from 2010.
Let’s break some of the key words and phrases down:
Peddling: Use of this word basically implies that narcotics are involved
Tax Avoidance Scheme: Implies a conspiracy of smart people to screw the tax authority on behalf of…
Rich People: Not the best time in history to be lumped into this particular demographic
WTG, G to the T. Not only are you trying to screw the taxing authority in Britain by virtue of the equivalent of slinging financial smack, you’ve got the audacity to do it on the behalf of rich people.
Accountants deny ‘new tax dodge’ [BBC]