article thumbnail

Turkish Authorities Search For Suspect In US Tax Fraud Scheme

PYMNTS

Turkish prosecutors have issued a detention warrant for Turkish businessman Sezgin Baran Korkmaz, who has ties to Utah business executives who recently pleaded guilty to a $511 million tax credit scheme in the U.S., The Kingstons pleaded guilty in the tax credit scheme in the U.S., the Associated Press (AP) reported.

Taxes 167
article thumbnail

Guess How Much Tax Evasion Costs US Taxpayers?

PYMNTS

The Internal Revenue Service has estimated that the business of tax evasion is a costly one for the government. Tax cheats cost the government as much as $458 billion annually, according to data tabulated between 2008 and 2010. As noted by Fortune , public awareness over tax evasion has been heightened.

Taxes 100
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Soupman Files For Bankruptcy Protection

PYMNTS

Bertrand was charged with 20 counts of failing to pay federal income taxes, Medicare and Social Security for the company’s employees between 2010 and 2014. million, and total alleged tax loss to the U.S. Total alleged unreported cash and stock compensation was around $2.86 was about $594,000.

article thumbnail

Economic Nexus Laws’ Unexpected Impacts On Restricted Substance Retailers

PYMNTS

eCommerce sales tax laws are having unintended consequences in the tobacco industry. These laws were meant to make online sellers face sales tax requirements similar to those for retailers with on-the-ground locations, putting both types of businesses on equal footing. in 2017 had a 52.75

Retail 109
article thumbnail

SMBs Struggle Amid MyPayrollHR Fraud Inquiry

PYMNTS

Now, small business owners are struggling to make up thousands of dollars in tax payments that vanished or are in limbo , Chicago’s Daily Herald reported Tuesday (Oct. Client letters seen by the Daily Herald showed that taxes for employee paychecks dated between Aug. 20, Mann began borrowing “large sums of money” starting around 2010.

Fraud 102
article thumbnail

EU Eyes Single European Data Market

PYMNTS

In terms of individual company news, and in the United States, Facebook new is being sued by the Internal Revenue Service (IRS), for alleged tax evasion — to the tune of $9 billion. When it filed its tax returns, as reported by the Journal, Facebook put a $7 billion value on the intangible assets (the intellectual property).

Data 130
article thumbnail

Wells Fargo Computer Glitch Forced Hundreds Of Foreclosures

PYMNTS

Wells Fargo , the embattled national bank, disclosed in a Securities and Exchange Commission filing that hundreds of individuals saw their homes in foreclosure because of a glitch in software the company used. The computer glitch impacted some accounts that were in the foreclosure process between April of 2010 and October of 2015.