Throughout the world, countries are trying to fight tax evasion and are making new efforts to use every possible resource to catch people who have made efforts to evade their tax obligations. From countries exchanging information on accountholders while discarding longstanding bankruptcy privacy laws to taxing authorities going after banks and bank executives, no stones are being left unturned in an effort to collect all possible revenue.
Read MoreCategory: Offshore Account Update - Page 28
Facilitating Tax Evasion: Swiss Banker Enters Guilty Plea With the IRS
Offshore Account UpdatePosted in on August 26, 2016
The IRS and the Department of Justice are aggressively going after banks and bankers who may have played a role in helping people in the United States evade their tax obligations. Swiss banks had a long track record of protecting client privacy, which prompted many U.S. taxpayers to put their money in offshore Swiss accounts so they could hide it from the IRS. Swiss bankers encouraged and aided in efforts to facilitate tax evasion. Now, these banks and bankers are facing prosecution and many are pleading guilty.
Read MoreIf you were keeping your money at a Swiss bank, you may have faced many unpleasant surprises in recent years. One of the biggest shocks to many accountholders is that the long tradition of banking privacy and secrecy is all-but-over, as one Swiss bank after another enters into non-prosecution agreements with the Internal Revenue Service (IRS) under the Swiss Bank Program.
Read MoreReporting Undeclared Foreign Accounts: A Look at Streamlined vs. OVDP
Offshore Account UpdatePosted in on July 29, 2016
The Offshore Voluntary Disclosure Program (OVDP) was created by the IRS in 2009 to try to convince U.S. connected individuals to voluntarily come forward and report foreign accounts which they had not declared before. Those participating in OVDP would have their penalties limited in exchange for coming forward and reporting funds, and would be provided with protection from criminal prosecution.
Read MoreIf you are a U.S.-affiliated person and you have accounts offshore with funds totaling $10,000 in aggregate at any point over the year, you are supposed to file an annual Report of Foreign Bank and Financial Account (FBAR). June 30, 2016 was the deadline for filing this year. Many taxpayers have discovered this requirement only recently, which left taxpayers who wanted to comply with the law wondering what their best options were.
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