China Cracks Down on Tax Evasion with a $70 Million Evasion Penalty (Golding & Golding)
China Cracks Down on Tax Evasion with a $70 Million Evasion Penalty
The U.S. is not alone in working toward eliminating tax evasion. And, nobody is immune from getting hit with a tax evasion charge or penalty — even celebrities.
Most recently, the Chinese government penalized a very notable actress upwards of $70 Million.
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Fan Bingbing Gets a $70M Tax Evasion Penalty
Apparently, Fan Bingbing was playing a shuffle game with her contracts.
Like and old-school con game, Bingbing would report one contract — in one example, it showed she earned about $1-$2 Million — for the role, when in fact there was a second contract that showed she actually earned closer to $7M.
How You May Avoid Tax Evasion Penalties
If you have undisclosed income, assets, accounts or investments, you should consider getting into IRS Compliance with one of the IRS Voluntary Disclosure Programs (if you want to try to avoid a similar fate, even if on a smaller scale)
What Can You Do?
Presuming the money was from legal sources, your best options are either the Traditional IRS Voluntary Disclosure Program, or one of the Streamlined Offshore Disclosure Program.
We Specialize in Safely Disclosing Foreign Money
We have successfully handled a diverse range of IRS Voluntary Disclosure and International Tax Investigation/Examination cases involving FBAR, FATCA, and high-stakes matters for clients around the globe (In over 65 countries!)
Whether it is a simple or complex case, safely getting clients into compliance is our passion, and we take it very seriously.Be Careful of the IRS
With the introduction and enforcement of FATCA for both Civil and Criminal Penalties, renewed interest in the IRS issuing FBAR Penalties, crackdown on Cryptocurrency (and IRS joining J5), the termination of OVDP, and recent foreign bank settlements with the IRS…there are not many places left to hide.
Golding & Golding, A PLC
We have successfully represented clients in more than 1000 streamlined and voluntary disclosure submissions nationwide, and in over 70-different countries.
We are the “go-to” firm for other Attorneys, CPAs, Enrolled Agents, Accountants, and Financial Professionals across the globe.