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FBAR Failure Leads Connecticut Executive to Plead Guilty to $8.4 Million Tax Evasion
Prosecutors announced Jan. 20 that a Connecticut business executive has pleaded guilty to willfully failing to report offshore bank accounts to the IRS.
As part of his plea, which was entered Jan. 16 2015 before Magistrate Judge Debra Freeman…

OVDP Lawyer — Protect Yourself Against OVDP Crackdown by the IRS
About The Offshore Voluntary Disclosure Program (OVDP)
US citizens and residents are required to report foreign accounts and assets by filing an FBAR and other tax documents. Often, our clients are surprised to learn about the degree of…

Secret Foreign Bank Accounts Are Not Secret Anymore…
Secret Foreign Bank Accounts
Secret foreign bank accounts have been at the center of money laundering. This is especially with reference to offshore bank accounts. It is very common for people to hide money in secret foreign bank accounts…

United States vs Simon in Failure to file FBARs
Failure to file FBARs as a Signatory Authority
Failure to file FBARs as a Signatory Authority to a foreign bank account is an offense punishable by law according the to the Bank Secrecy Act.
The U.S. Court of Appeals for the Seventh Circuit…

IRS modifications to OVDP and streamlined procedures a Relief to offshore bank account holders
IRS modifications to OVDP and streamlined procedures
The Offshore Voluntary Compliance Program
Internal Revenue Service's major revisions in its Offshore Voluntary Compliance Program may just be the light at the end of the tunnel for tax payers…

FBAR Case on United States v. Carl Zwerner settled for $1.8 Million
FBAR Case: United States vs. Carl Zwerner is settled for $1.8 Million
The United States v Carl Zwerner FBAR case has been finally settled despite the many speculations regarding the Eighth Amendment rights. Carl Zwerner has entered a settlement…

IRS to Modify OVDP to Accommodate Non-willful tax evasion
OVDP changes to accommodate non-willful tax evasion
The OVDP (Offshore Voluntary Disclosure Program) may face more modifications as IRS continues to focus on international tax compliance. The IRS Commissioner John Koskinen hinted on the upcoming…

IRS Deadline for U.S. Citizens and Resident Aliens Abroad
IRS Expectations of U.S. Citizens and Resident Aliens Abroad
IRS (Internal Revenue Service) in one of its news releases has reminded U.S. citizens and resident aliens abroad of the deadline on their tax obligations. According to the IRS,…

Tax Evasion Not Cured with QI Pacts
Tax Evasion under QI agreements
On Feb. 28 2014, Thomas Sawyer, senior counsel on international tax matters with the DOJ’s Tax Division, clarified that banks who have helped clients hide assets from the US government aren’t immune from…

Tax Evasion Causes Cash Abroad to Rise
Tax Evasion and Profits
US-based companies added $206 billion to their offshore profits last year, shielding earnings in low-tax countries.
Bloomberg News reports that multinational companies have accumulated $1.95 trillion outside the…
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