Search results for OVDP

Should I Stay or Should I Go? – Part 2

Answers to the Most Frequently Asked Questions Regarding Offshore Voluntary Disclosure Program

As a tax attorney specializing in the Offshore Voluntary Disclosure Program (OVDP), nary a day goes by that I don’t get a call from a person inquiring about the OVDP. The questions asked are relatively the same. After a while, I began to make a list of the most frequently asked questions. Below are my answers to them: (continued)

III. What are some of the criminal charges I might face if I don’t come in under OVDP and the IRS examines me?

Potential criminal charges include: Read More

Written by | Posted in FBAR • OVDP

Should I Stay or Should I Go? – Part 1

Answers to the Most Frequently Asked Questions Regarding Offshore Voluntary Disclosure Program

As a tax attorney specializing in the Offshore Voluntary Disclosure Program (OVDP), nary a day goes by that I don’t get a call from a person inquiring about the OVDP. The questions asked are relatively the same. After a while, I began to make a list of the most frequently asked questions. Below are my answers to them:

I. Why should I make a voluntary disclosure?

Taxpayers with undisclosed foreign accounts or entities should make a voluntary disclosure because it enables them to become compliant, avoid substantial civil penalties, and Read More

Written by | Posted in FBAR • OVDP

NOW Swiss Bank Information Can Be Disclosed To Foreign Tax Authorities WITHOUT Notice!

We previously posted “Your Swiss Bank Info Is Being Transferred To The US Government As We Speak!… This Is Not An April Fools Joke!” on Wednesday, April 2, 2014, where we discussed that The United States Justice Department has received 106 requests from Swiss entities to participate in a settlement program aimed at ending a long-running probe of tax-dodging by Americans using Swiss bank accounts according to a senior US official.

These banks will have to disclose a great deal of information about their American clients, even including some of their names by April 30, 2014!

To make matters worse for US tax dodgers… if that is even possible… Swiss Parliament has approved a legal amendment that tax evaders will not always have to be told if Switzerland Read More

Written by | Posted in FATCA • OVDP • Tax Fraud/Evasion/Crimes

Your Swiss Bank Info Is Being Transferred To The US Government As We Speak! … This Is Not An April Fools Joke!

We originally posted Tuesday, January 28, 2014 “Offshore Swiss Bank Account? This May Be Your Last Chance To File A Voluntary Disclosure!,” where we discussed that The United States Justice Department has received 106 requests from Swiss entities to participate in a settlement program aimed at ending a long-running probe of tax-dodging by Americans using Swiss bank accounts according to a senior US official.

On August 29, 2013, we previously posted “Swiss Banks Agree to Plan to End Past US Tax Evasion Issues!“, where we discussed that Swiss banks were ready to pay hefty fines for sheltering United States tax fugitives under the terms of a new deal given the green light by the Swiss government. Read More

Written by | Posted in IRS • OVDP

Swiss Account Holders – Losing The Right To Be Informed About IRS Disclosure

The Swiss continue to cave in and erode any bastion of bank secrecy within its picture perfect borders. The Swiss Parliament voted on March 6, 2014 to turn over information to foreign governments on certain account holders with undeclared accounts in Swiss financial institutions without providing the holders any advance notice of the disclosure. The move was in reaction to the 2011 admonishment to Switzerland by the Global Forum on Transparency and Exchange of Information for Tax Purposes to take measures to increase its tax transparency. If Switzerland took no action, it risked being placed on a global blacklist. The Global Forum is a division of the Organization of Economic Co-operation and Development (commonly referred to as “OECD”). We understand that the amendment must be finally approved at the end of the current Swiss legislative Read More

Written by | Posted in FBAR • International • IRS • OECD • OVDP

You May Want to Make Your Voluntary Disclosure NOW If You Are A Credit Suisse Client

On Monday, March 10, 2014, we posted United States Client of Credit Suisse? Last Chance To File A Voluntary Disclosure! where we discussed that Thousands of Credit Suisse Group AG’s United States clients still don’t know whether tax authorities will learn their identities as prosecutors work to conclude a three year probe of how the bank helped them evade taxes.

The Swiss disclosure program will lead to 106 banks’ producing information short of client names. We posted on January 28, 2014, Offshore Swiss Bank Account? This May Be Your Last Chance To File A Voluntary Disclosure! where we discussed that the United States Justice Department has received 106 requests from Swiss entities to participate in a US settlement program. Read More

Written by | Posted in OVDP

The Tax Non-Compliant American Abroad: What Are Your Choices? Part II

Continued from Part I

Voluntary Disclosure Program

Each of the IRS Offshore Voluntary Disclosure programs has required the filing of 8 years’ of back tax returns and FBARs. In addition, volumes of supporting documentation are required. Choosing this option is very time-consuming and generally is very expensive, both in terms of professional fees and penalties. These programs, however, are a welcome relief for taxpayers who face a real likelihood of criminal penalty sanctions. More information on the most recent program, the 2012 OVDP, can be accessed here. Here is a broad overview of the OVDP terms: Read More

Written by | Posted in Expatriate • FATCA • FBAR • Individual • IRS • Tax Fraud/Evasion/Crimes

United States Client of Credit Suisse? Last Chance To File A Voluntary Disclosure!

Thousands of Credit Suisse Group AG’s United States clients still don’t know whether tax authorities will learn their identities as prosecutors work to conclude a three-year probe of how the bank helped them evade taxes.

We posted on February 27, 2014, Report to Congress: Credit Suisse Help US Taxpayers Hide Billions in Offshore Accounts! where we discussed the Permanent Subcommittee on Investigations (PSI) of the United States Senate held a hearing, “Offshore Tax Evasion: The Effort to Collect Unpaid Taxes on Billions in Hidden Offshore Accounts,” on Wednesday, February 26, 2014.

The PSI hearing’s stated purpose of continuing the PSI’s examination of tax haven bank Read More

Written by | Posted in OVDP • Tax Fraud/Evasion/Crimes

The United States Knows Where Offshore Tax Evaders Live And Bank!

The United States is tracking down hidden offshore accounts, and the latest news is a report that shows which states have the most taxpayers disclosing such accounts (California is No. 1), and where they are located (Switzerland is tops).

Taxpayers in at least 45 states and the District of Columbia reported accounts in 68 countries and territories.

The new U.S. Government Accountability Office report: “IRS’s Offshore Voluntary Disclosure Program (OVDP): 2009 Participation by State and Location of Foreign Bank Accounts,” is a supplement to its March 2013 report, “Offshore Tax Evasion: IRS Has Collected Billions of Dollars, but May be Missing Continued Evasion.” Read More

Written by | Posted in International • IRS • OVDP • Tax Fraud/Evasion/Crimes

“Dirty Dozen” Tax Scams 2014 – List Released By IRS

The IRS issued its annual “DirtyDozen” list of tax scams, reminding taxpayers to use caution during tax season to protect themselves against a wide range of schemes ranging from identity theft to return preparer fraud.

The Dirty Dozen listing, compiled by the Internal Revenue Service each year, lists a variety of common scams taxpayers can encounter at any point during the year. But many of these schemes peak during filing season as people prepare their tax returns.

“Taxpayers should be on the lookout for tax scams using the IRS name,” said IRS Commissioner John Koskinen. “These schemes jump every year at tax time. Scams can be sophisticated and take many different forms. We urge people to protect themselves Read More

Written by | Posted in IRS • North America • Tax Fraud/Evasion/Crimes • Tax Tips
« Older Entries   Recent Entries »