Deutsche Being Bank Accused of Tax Fraud By Federal Prosecutors

Usa,Dollar,Money,Cash,,Real,Handcuffs,And,Judge,Gavel,On

The U.S. has been increasingly going after foreign financial institutions that try to skimp on taxes. The latest move from the IRS is an aggressive lawsuit against Deutsche Bank, which the federal tax agency claims owes the U.S. somewhere in the neighborhood of $190 million in overdue taxes, penalties and interest.

 However, if you ask Deutsche Bank, they settled this dispute five years ago. According to reports, the large German bank claims that it reached a settlement with the IRS back in 2009 and it is not sure why the U.S. is coming after again regarding the same taxes.

 The issue revolves around a deal that began back in 200 when Deutsche Bank acquired a company that owned three million shares of Bristol-Myers Squibb. When those shares jumped in value, the U.S. claims that Deutsch Bank skipped out on tens of millions of dollars in taxes from capital gains, when the bank eventually sold the shares.

 According to the lawsuit the U.S. claims that the bank set up several so-called “shell companies” in order to absorb the tax blow from the profits made when they sold the shares. The IRS claims, however, that those shell companies did not have enough money to pay the taxes the federal government was owed. The lead prosecutor in the case claims that Deutsche Bank was involved in “nothing more than a shell game.”

Posted in ,
Navigating Real Estate Taxes for the First-Time Homeowner

New Strategy for Wealthy Taxpayers to Beat Property Taxes

New Strategy for Wealthy Taxpayers to Beat Property Taxes One of the biggest complaints of the Tax Cut and Jobs Act (TCJA) has been how it affects the state and local taxes (SALT) deduction form the federal return. These deductions have been a major part of many taxpayers’ returns for many years, especially wealthy taxpayers.…

5 Simple Tips for Protecting Your Privacy From Hackers

5 Simple Tips for Protecting Your Privacy From Hackers

5 Simple Tips for Protecting Your Privacy From Hackers People might assume their personal information is personal. However, you’d be surprised how much information relating to you can be found online. Much of this has been gathered without you knowing and without your consent. A prime example of this being pipl.com which is just one…

Navigating Real Estate Taxes for the First-Time Homeowner

Navigating Real Estate Taxes for the First-Time Homeowner

Navigating Real Estate Taxes for the First-Time Homeowner When you are buying your first home, your initial question will most likely be, “What is my monthly payment?” If you’re used to renting in the Bay Area or in another expensive city like Denver where rent prices are constantly on the rise, then you know it’s…

Work for Yourself? Don’t Forget This Important Tax Deadline

Work for Yourself? Don’t Forget This Important Tax Deadline

Work for Yourself? Don’t Forget This Important Tax Deadline Working for yourself can be a nice setup. You run the show and you don’t have to answer to anyone. But being your own boss also means you have to take care of all your taxes, unless you hire a professional to take care of that…