Secret Foreign Bank Accounts
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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…
The Foreign Bank Account Report (FBAR) can be submitted with the advice of a tax law attorney.
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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…
fatca foreign account tax compliance act. tax law attorney
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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…
The IRS U.S. Court building in Washington DC, a courthouse where cases on the Trust Fund Recover Penalty (TFRP) are held
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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 appeals are made at their headquarters. The Internal Revenue Service in washington d.c.
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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…
expats are expected by the IRS to file an FBAR
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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,…
The IRS U.S. Court building in Washington DC, a courthouse where cases on the Trust Fund Recover Penalty (TFRP) are held
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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…
Folder tabs with focus on offshore account tab. Business concept image for illustration of tax evasion.
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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…