Justice Department Rolls Out An Early Form Of Capital Controls In America

banksSimon Black ~ Imagine going to the bank to withdraw some cash.

Having some cash on hand is always a prudent strategy, and especially today when more and more bank deposits are creeping into negative territory, meaning that you have to pay the banks for the privilege that they gamble with your money.

You tell the teller that you’d like to withdraw $5,000 from your account. She hesitates nervously and wants to know why.

You try to politely let her know that that’s none of the bank’s business as it’s your money.

The teller disappears for a few minutes, leaving you waiting.

When she returns she tells you that you can collect your money in a few days as they don’t have it on hand at the moment.

Slightly irritated because of the inconvenience, you head home.

But as you pull into your driveway later there’s an unexpected surprise waiting for you: two police officers would like to have a word with you about your intended withdrawal earlier…

If this sounds far-fetched, think again. Because it could very well become a reality in the Land of the Free if the Justice Department gets its way.

Earlier this week, a senior official from the Justice Department spoke to a group of bankers about the need for them to rat out their customers to the police. Continue reading

IRS Goes Global [Video]

Welcome to New World Next Week — the video series from Corbett Report and Media Monarchy that covers some of the most important developments in open source intelligence news.

[youtube=http://youtu.be/OhcWwGFDnIA]

This week:

Story #1: Beware The IDES Of The IRS As The ‘International Data Exchange Service’ Launched
http://ur1.ca/jg946
IRS Unleashes Global FATCA Data Exchange, Offshore Transparency Everywhere
http://ur1.ca/jg947
IMF Head Says Global Economic Outlook Still Grim, Even With Cheaper Oil
http://ur1.ca/jg949

Story #2: Genetically Modified Crops Could Be Planted In England This Year Continue reading . . .


SF Source corbettreport  Jan 17 2015

It Begins: IRS Launches International Data Exchange Service

“Here’s the ultimate irony: there are nations in this world that are not recognized by the United States. The Turkish Republic of Northern Cyprus. Abkhazia. Etc. Yet banks in these regions still have to sign up with the IRS. It’s like– you don’t exist. But you must still comply.” – S Black

IRSPunta Arenas, Chile – Yesterday, the IRS announced the International Data Exchange Service.

If you’ve not heard of it, it’s is an outgrowth of the Foreign Account Tax Compliance Act (FATCA), which requires every single bank in the world to get in bed with IRS to share information about customers.

We’ve said this over and over, FATCA is probably the dumbest law in the history of the United States. And I don’t say that lightly, because there’s definitely stiff competition.

Like any other bankrupt government, the US government has taken to intimidating its own citizens and the entire world in an attempt to make ends meet.

Their hope was that the minority of people committing tax evasion would come clean and that it would result in some huge boost in tax revenue.

But the fact is that tax revenues actually haven’t improved at all.

Looking at tax revenue as a percentage of GDP, the numbers haven’t budged at all from their long-term average. Not a single bit.

So in actuality, FATCA has done nothing positive for America.

Continue reading

IRS Allows Vaccine Companies To Claim Revenue On Vaccines They Never Even Produce

IRS_cartoonIt is documented fact that the private vaccine industry receives large cash payments from the federal government to produce “life-saving” and “emergency” vaccines that the public is told are necessary to thwart certain disease crises. But did you know that many of these vaccines are never even manufactured, and not only are vaccine companies paid with your money (if you’re a taxpayer) regardless, but they are also awarded special accounting privileges that claim these payments as revenue?

During a recent segment on The Robert Scott Bell Show, certified public accountant (CPA) Ty Bollinger explains how many childhood vaccines, as well as the influenza vaccine, are basically exempted from normal revenue recognition rules. These special rules allow vaccine companies to immediately recognize revenue from vaccines for stock price and profit purposes, even if those vaccines are never manufactured or delivered.

“We’re living in a fascist state where the corporations control the government,” stated Bollinger during the segment. “In ASU [Accounting Standards Update] 2009-07, in section 99-1, there’s an interpretive release… it’s guidance regarding the accounting for sales of vaccine and bio-terror countermeasures to the federal government, or being placed into a pediatric vaccine stockpile.”

“The primary objective in purchasing the vaccines… is not to take delivery but rather to be able to require delivery on a moment’s notice. The hope of both parties to these contracts is that the vaccines will never be needed, and thus never delivered.”

Vaccine companies paid to produce vaccines they never end up producing, and are then allowed to report this free money as “revenue” to the IRS

Continue reading

Why The IRS Goes After The “Minnows” And Ignores The “Whales”

“[Jane Kim] also says the IRS has a policy of not enforcing the tax laws that pertain to “large corporate taxpayers,” resulting in the loss of additional billions in tax. On the other hand, Kim says the IRS applies tax laws with “draconian strictness to small business, the self-employed, and wage-earning individuals.” Kim’s letter contained numerous examples of cases the IRS declined to pursue that resulted in nearly $15 billion in lost tax revenues.” – M Nestmann

IRS_cartoonThe intrepid bureaucrats at the Internal Revenue Service have done a superb job of making us fear them. We dutifully file our 1040s, FBARs, and all manner of other forms, consent to having our wages withheld from our paychecks, and suffer indignities on a daily basis at which our forefathers would have blanched.

But it’s never enough. I have seen many examples in my years of experience as a consultant. One client was pursued for 18 months for an underpayment of a few dollars and wound up paying more than $1,000 in penalties to make the IRS go away. Another client filed an offshore trust reporting form one day late and the IRS tried to collect a 35% penalty on a $1 million transfer to the trust.

But I don’t have a large collection of horror stories involving the big Fortune 500 companies. Sure, the IRS took down Swiss banking giant UBS as part of its ongoing vendetta against all things offshore. But these cases are few and far between.

I’ve often wondered if the IRS has a formal policy for ignoring tax evasion and fraud by “whales” (Fortune 500 companies) and instead focusing on “minnows” (you and me).

It turns out such a policy does exist. It may not be formal, but nonetheless, it is real, according to several insider sources, including two high-level attorneys working at the IRS (although perhaps not for long) and one former IRS attorney. Continue reading