Danger: Two More Financial Institutions Enter Swiss Bank Program
According to a Department of Justice press release, two more financial institutions have agreed to the terms of the Swiss Bank Program that was established by the DOJ. It was announced that Cornèr...
View ArticleFamily and Friends are Turning In Loved Ones to the IRS for Big Bucks
Have you ever wondered how those who are being prosecuted and sentenced for tax evasion get caught? Are they simply a segment of the unlucky population who gets audited each year? Does the IRS have...
View ArticleEight New Financial Institutions Enter Swiss Bank Program
The Department of Justice was extremely busy last week in finalizing contractual relationships with Swiss banks that have opted to enter the DOJ’s Swiss Bank Program. The large addition to the program...
View ArticleFive New Financial Institutions Enter Swiss Bank Program
While many Americans are using the last few weeks of 2015 to take a break from work and spend valuable time with their families, the Department of Justice is hard at work ensuring that taxpayers with...
View ArticleThe State of Offshore Tax Enforcement: 2016 Edition
Since at least the time of the global financial crisis, the IRS, DOJ, and all relevant branches of the U.S. government have stepped up their tax enforcement efforts. These enforcement efforts have...
View ArticleUnion Bancaire Privée Joins Swiss Bank Program
Although the new year typically brings resolutions that aim to change a past habit or behavior, the Department of Justice has no such desire to change. Without skipping a beat, the DOJ has announced...
View ArticleGuilty plea over Swiss accounts despite renouncing U.S. citizenship
A former U.S. citizen pleaded guilty to one count of filing a false income tax return. While the sums in this matter were large, they were not particularly exceptional in the world of offshore...
View ArticleEnd May Be Near for the Streamlined OVDP
Statements made by the Commissioner of the IRS late last year indicate that the streamlined version of the Offshore Voluntary Disclosure Program (OVDP) may soon be coming to an end, a move that may...
View ArticleGovernment Announces Swiss Bank Program Completion
For the past couple of years, we have brought our readers extensive information about the legal requirement to report foreign bank accounts to the federal government and how various programs and...
View ArticleChanges in Swiss Law Mean Trouble for U.S. Account-Holders
As we strive to provide our readers with the most up-to-date and pertinent news about changes in the law with regard to taxation, it is key to showcase changes in foreign legislation, in addition to...
View ArticleIsrael Promulgates New Banking Regulations Targeting U.S. Account Holders
Over the past 20 years, the world has seen a dramatic shift in the landscape of international banking. But even more recently, the overseas banking industry has seen changes of not only the type of...
View ArticleHSBC Raid Spells Trouble For U.S. Citizens Worldwide
It is no secret that the United States has begun to “drop the hammer” on those who are keeping undeclared foreign bank accounts. Although some would even say that the penalties for those that do not...
View ArticleWill Filing Back Taxes Expose Me to Additional Tax Problems?
US taxpayers who have failed to file tax returns, report taxable income or pay taxes where an obligation exist, generally already realize that they are subject to fines and penalties. Depending on the...
View ArticleSt. Louis Man Sentenced For Failing to Disclose Multiple Foreign Accounts
While most Americans will break their New Year’s resolutions within the first week of January, there is certainly one group of people who do not; IRS investigators. In an organization that is...
View ArticleHow do FBAR Compliance Failures Occur and what are the Consequences?
Regardless of your reasons for failing to file a Report of Foreign Bank and Financial Accounts (FBAR) (FinCen Form114), tax compliance problems regarding foreign assets or accounts can lead to harsh...
View ArticleSwiss Banker Staying Put in Switzerland After Indictment
Most folks that remember their childhood will also likely remember the feeling of dread that rushed through your body when one or both of your parents summoned you from your bedroom to receive a harsh...
View ArticleShould I participate in the Offshore Voluntary Disclosure Program if I...
Receiving a letter from your foreign financial institution or the IRS regarding undisclosed accounts can expose a taxpayer to significant civil and criminal liability. Depending on the facts and...
View ArticleHave Overseas Assets? Get a U.S. Tax Attorney or Potentially Pay the Price
It is not uncommon for several types of professions to come out of the woodwork to take your money in exchange for services when you are in potential tax trouble. C.P.A.’s, enrolled agents and foreign...
View ArticleCredit Swiss to Turn Over Thousands of American Names to the DOJ
Last week, subpoenas were issued to Swiss bank Credit Suisse Group. The subpoena comes from the New York Department of Financial Services and targets records and documents that are housed in the New...
View ArticleNew Yorkers busted Trying to Move Funds From An Undisclosed Swiss Account –...
In a recent article, David Voreacos reported that “U.S. prosecutors moved to seize $12.2 million they say was transferred to New York from a secret Swiss account set up by a tax lawyer who helped...
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