No 5th Amendment Privilege in Submission of Foreign Bank Accounts Records
The US District Court for the District of New Jersey has applied the required records doctrine to documents required to be maintained under the US Bank Secrecy Act (BSA), and thus rejected taxpayers' argument that they can refuse to produce…
Tax Resolution Firms – Scams and Scoundrels
There are many reasons why clients with Tax issues with the IRS should avoid the use of Tax Resolution firms.
The "Tax Resolution Company", a relatively recent development, has become a serious problem for consumers in our country and is…
FATCA, Transparency Efforts Curb Offshore Tax Evasion
Everyone's Getting FATCA Compliant
The worldwide landscape of transparency is changing as the United States works with other nations to increase information sharing around the world. Work to implement Foreign Account Tax Compliance Act (FATCA)…
Global Tax Transparency Rises as FATCA, OECD Initiatives Gain Momentum
As the growth of global tax transparency rises, individual taxpayers and financial institutions must exercise new levels of caution.
With more than 100 intergovernmental agreements (IGA) under the Foreign Account Tax Compliance Act (FATCA)…
IRS Clarifies Rules on FATCA Announcement
In a Dec. 1 2014 update, the Internal Revenue Service (“IRS”) stated that jurisdictions can continue to be treated as though they have an intergovernmental agreement (“IGA”) after Dec. 31, 2014, as long as the Treasury Department determines…
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…