Deutsche Being Bank Accused of Tax Fraud By Federal Prosecutors

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.”
Hottest Inventions of 2017
Hottest Inventions of 2017 Wow, believe it or not 2017 is almost over. How can that be possible? Where does the time go? We’re now less than two months away from 2018. That means a new batch of innovative gadgets will soon be making their debut at trade shows and retailers all over the country.…
Add These Historical U.S. Sites to Your Bucket List
Add These Historical U.S. Sites to Your Bucket List Are you a history buff? There are so many places in the country to see if you want to experience some of the things that helped make this country what it is today. Of course, there are many well known sites that would make any history…
How to Build Emotional Intelligence
How to Build Emotional Intelligence IQ vs. EQ and how that affects you Throughout childhood teachers are quick to pick out students who are “high performers” and have a high IQ. With society giving such a larger emphasis on IQ, it is inferred that only those who have a high IQ will be successful financially…
Leadership Through Crucial Conversations
Leadership Through Crucial Conversations Think of a time where you had a difficult conversation with someone, the kind where emotions are strong, and the stakes are high. It could be on a variety of topics: negotiating a raise at work, having to fire an employee, or even how to tell your spouse that you don’t…