tax evasion
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John McAfee arrested for tax evasion, charged by SEC for touting ICOs
John McAfee has been arrested in Spain, and faces charges for tax evasion, failure to file taxes and promoting cryptocurrency without admitting he had a financial interest in it.
IRS reminds 10,000 taxpayers that cryptocurrency is subject to taxes
By the end of August, an estimated 10,000 taxpayers will receive letters from the IRS warning them that they may owe back taxes on unreported cryptocurrency earnings. While it might not be immediately obvious, you must include cryptocurrency earnings when you file federal taxes. As with tax evasion for traditional currency, anyone convicted of evading crypto taxes could face up to five years in prison and a fine of up to $250,000.
The TUAW Daily Update Podcast for March 6, 2014
It's the TUAW Daily Update, your source for Apple news in a convenient audio format. You'll get some the top Apple stories of the day in three to five minutes for a quick review of what's happening in the Apple world. You can listen to today's Apple stories by clicking the player at the top of the page. The Daily Update has been moved to a new podcast host in the past few days. Current listeners should delete the old podcast subscription and subscribe to the new feed in the iTunes Store here.
Judge rules against Hawkins personal bankruptcy, EA founder still owes millions in taxes
A reading from Forbes on the prophet Trip Hawkins: And lo, the San Francisco federal judge saw through the abusive tax shelters Hawkins used to hide millions in profits from his Electronic Arts days and declared them bad. Smiting a declaration of personal bankruptcy, the judge believed that Hawkins should give unto the government the estimated $20 million or more in federal and California state taxes he is in arrears to. The 16-page opinion by US District Judge Jeffrey S. White pointed out that Hawkins "continued to spend money extravagantly with knowledge or his tax liabilities" and that he "planned to defeat his taxes via bankruptcy and continue living the lifestyle to which he had grown accustomed." General rule: Pay your taxes. It's what did in Capone. Better rule: When the government is on your butt about tax evasion, it's best not to play it like Hawkins and purchase a $70,000 car ... especially when it's your fourth automobile in a two-driver household. [Image credit: AlanCleaver_2000]
Lee Kun-hee returns as chief of Samsung Electronics
It sure pays to be a white collar criminal in Korea. Especially when you're the son of the founder of Samsung. Lee Kun-hee, the disgraced former chairman of the Samsung Group, is returning to the chaebol as the head of Samsung Electronics -- Samsung's largest division and of primary interest to us gadget nerds. Remember, this is the man convicted of tax evasion only to be pardoned (twice!) by South Korean presidents with all jail time deferred. His latest pardon was issued so that he could help South Korea win a bid to host the 2018 Winter Olympics. In an effort to stave off criticism from a local population that is at once proud of Samsung's global success but concerned with its immense power over all things Korean, Mr. Lee played the fear card in announcing the reason for his return: "[The] best companies in the world are collapsing. We don't know what is going to happen to Samsung too. In the coming 10 years, businesses and products that represent Samsung today will mostly disappear." Never mind that analysts are predicting the most profitable year ever for Samsung Electronics. So what'll it be South Korea: BubiBubi or pitchforks?
Ex-Samsung boss fined $109 million for tax evasion, collar too white for jail
Bringing an end to the Samsung slush fund probe, a South Korean court has fined Lee Kun-hee, Samsung's former Chairman and son of the chaebol's founder, $109 million for tax evasion. A rather favorable decision when you consider that prosecutors sought a seven-year jail sentence and a fine of $347 million. The court said that his crimes did not justify a prison term. Lee, appearing relieved by the decision, apologized again saying, "I'm sorry for causing trouble to the people," presumably while adjusting his monocle and top-hat from atop his golden chariot.
