Expatriates May Face Harsh Consequences For Renouncing Citizenship
It is no surprise that the Department of Justice, State Department, and the Internal Revenue Service have teamed up over the past decade to try to put a stop to...The post Expatriates May Face Harsh...
View ArticleIRS 50 Percent Offshore Penalty List Continues to Expand; Fix Your Offshore...
If you have spent any time on this blog or reading about tax and international tax issues, you probably already understand that it is not an accepted or acceptable practice...The post IRS 50 Percent...
View ArticleFederal Court Grants John Doe Summons Targeting Belize Banks, Aids DOJ in...
For our readers that have been following the recent developments with regard to the government’s war against offshore tax evasion, it is plainly apparent that individuals with accounts in Swiss...The...
View ArticleCanadian Ringleader in Tax Refund Scheme Convicted by U.S. Court
Those that have been following news updates focused on U.S. taxation are fully aware that the Department of Justice and the Internal Revenue Service are waging a war on Americans...The post Canadian...
View ArticleAustralia Exposes 30,000 Accounts to IRS
Australia Makes The First FATCA Transmission Exposes 30,000 Accounts to IRS Over the past decade, the United States has made significant strides in its attempt to curb the creation and...The post...
View ArticleAnother Swiss Bank Joins Swiss Bank Program
Another Swiss Bank Joins Swiss Bank Program List of Foreign Financial Institutions Swells To 53 The landscape for Swiss banking has dramatically changed over the past decade. At the turn...The post...
View ArticlePresidential Hopeful’s Tax Lawsuit Unlikely To Be A FATCA Game-Changer
With the 2016 president election campaign season in full swing, politicians’ claims of future executive acts are a dime-a-dozen, as are criticisms of current policy. Unsurprisingly, the issue of...
View ArticleThree Additional Banks Agree to Non-Prosecution Agreements for Offshore...
For generations Swiss banking laws provided a level of privacy and secrecy for all account holders regardless of their country of residence. During this time many foreign nations, including...
View ArticleIs a Quiet Disclosure Effective When the Taxpayer has not Answered the...
All taxpayers with income above a certain level are under an annual obligation to file a tax return and pay taxes on an annual basis. Taxpayers with significant resources and...The post Is a Quiet...
View ArticleSwiss Bank Whistleblower’s Case Adjourned, Sends Clear Message To Those With...
Most of our blog postings focus on work that is being done by the United States to curb the establishment and maintenance of secret foreign bank accounts, but the IRS...The post Swiss Bank...
View ArticleFour New Swiss Banks to Hand Over U.S. Account-holder Information
The Swiss Bank Program, an initiative established by the Department of Justice that provides Swiss banks that believe they have violated U.S. laws by setting up or maintaining secret accounts...The...
View ArticleI am Facing an Audit and Have Undisclosed Foreign Accounts, What is My Risk...
Taxpayers who are facing a tax audit are often concerned about how much money they may end up owing the IRS or the state taxing authority. These taxpayers are often...The post I am Facing an Audit and...
View ArticleFacing a Tax Audit? Don’t Automatically Discount OVDP for Offshore Account...
Taxpayers who have received a letter or notice from the IRS announcing the agency’s intent to conduct an audit are often anxious about the process and concerned about what the...The post Facing a Tax...
View ArticleIRS Guidance on FBAR Penalties May Permit Reduced Penalties for Willful &...
Many individuals with undisclosed foreign accounts are justifiably concerned about their failure to comply with the annual obligation to file FBAR (Report of Foreign Bank and Financial Accounts). Each...
View ArticleList of Financial Foreign Institutions or Facilitators Swells to 65
As the holiday season approaches, productivity appears to slow as the world prepares for family get-togethers, work parties, and much needed breaks from work. But over at the Department of...The post...
View ArticleExpats & International Travelers: Your U.S. Passport Could Be Canceled if You...
Some people view the ability to travel internationally as a fundamental, Constitutionally protected right that should not be abridged expect when there is no other option. However. Others do not...The...
View ArticleThree New Institutions Join Swiss Bank Program, Agree to Share U.S. Taxpayer...
According to a Department of Justice press release, BNP Paribas (Suisse) SA (BNPP), KBL (Switzerland) Ltd. (KBL Switzerland) and Bank CIC have agreed to terms with the Department of Justice...The post...
View ArticleNew Tools For IRS Agents Sophisticates Tax Examinations
Most taxpayers are familiar with concept of an IRS examination. A taxpayer files a return, receives a letter in the mail notifying them that they have been selected to have...The post New Tools For IRS...
View ArticleU.S. District Court Orders U.S. Customer Info of Belize Bank Be Handed Over
Most of the news stories that have dealt with recent Foreign Bank Account Reporting (FBAR) laws have been focused on the United States gaining access to information of Americans that...The post U.S....
View ArticleFBAR Defendant Escapes Prison
We often deliver stories of U.S. residents who are sentenced to lengthy prison sentences because of tax noncompliance. Whether it be for failing to file in accordance with the Foreign Bank Account...
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