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Archive for category Tax

Banker Cooperates with Feds, Avoids Prison (FBAR Post)

Andreas Bachmann, a former Credit Suisse banker, was spared prison and instead received probation after cooperating with the IRS and U.S. Department of Justice. Bachmann was sentenced this month after pleading guilty to conspiracy to defraud the IRS. Prosecutors say he helped wealthy Americans evade U.S. taxes by hiding money in offshore accounts. Owning a [...]

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IRS Search Leads to Suicide

This is a sad, sad story. It is a reminder of why the government must always be vigilant in how it conducts its business. Particularly, with how the IRS collects taxes and enforces the Tax Code. The story begins in 2007 and is still winding its way through the courts. A recent decision by a [...]

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Developer Gets Prison in Tax Evasion Case

  In the few weeks before the traditional tax due date of April 15th, IRS agents and Justice Department are pushing as many cases into court as possible. The reason is simple. Big tax evasion headlines “scare” people who are otherwise tempted to cheat on their taxes. One Seattle businessman, however, got caught and is [...]

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FBAR Wilfullness Penalty Revisited.

The IRS has become too aggressive in its enforcement of the “willfulness provision” for unfiled FBAR forms. Two court decisions in 2012 gave the IRS a green light to pretty much impose strict liability for violations. To best understand the current IRS position, some brief history is required. The Bank Secrecy Act requires most Americans [...]

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When It Rains, It Pours… HSBC Drowning in Troubles

For over a year, Bank of America seemed to make headline news every day. Unfortunately, none of those headlines were good. Now top honors goes to HSBC. This time it is Argentina claiming that the British banking giant helped clients evade taxes. According to published reports, the Argentine tax authority, Afip, has raided HSBC. Argentinian [...]

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Sen. Paul Rand Re-Introduces FATCA Repeal

Another term of Congress and U.S. Senator Paul Rand (R – Kentucky) has again introduced legislation to repeal FATCA. Short for the Foreign Account Tax Compliance Act, FATCA seeks to combat offshore tax evasion by requiring banks to report account holders with offshore accounts. FATCA was passed by Congress in 2010 and has two components. [...]

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Luxembourg: Tax Dodgers Unacceptable (FATCA Post)

Luxembourg has long been a bastion of bank secrecy. While most folks think of the Cayman Islands or Switzerland when it comes to secret numbered accounts, there have been many other countries with long private banking traditions; countries such as Liechtenstein, Luxembourg and Monaco. While continuing to embrace its burgeoning financial services industry, Luxembourg’s finance [...]

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What Are the Risks Associated with Quiet Disclosures? FBAR Post

[Note: This post by attorney Brian Mahany originally appeared in the National Law Review. It is repreinted here with permission from the the NLR.] The IRS estimates that there are millions of U.S. taxpayers with unreported offshore accounts. Americans with accounts in Switzerland. Dual nationals with accounts in their home country. American expats living and banking [...]

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Michigan Enacts Click Through Nexus

[Note: This post by attorney Brian Mahany originally appeared in the National Law Review. It is repreinted here with permission from the the NLR.] Nexus means “connection, tie or link.” Since the 1992 U.S. Supreme Court decision in Quill v. North Dakota, nexus has been a very hot topic in sales tax law. The Quill case [...]

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Send in the Clowns – Tax Protesters and Audit Defense

The title of this post, “Send in the Clowns,” is admittedly a bit harsh. We have represented several tax protesters in both audit defense and criminal investigations. None of them are clowns, however the promoters feeding them bad advice often were. To be clear, there is a grain of truth in some of the theories [...]

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