by Brian Mahany We hear of many people making claims against their tax preparers for not properly advising them of their foreign account reporting requirements. Lately some taxpayers are suing Swiss banks for allegedly providing them bad advise – like, “don’t worry you won’t get caught.” Now in what may be the ultimate lawsuit, billionaire […]
Does The New FATCA Law Help Foreign Dictators?
by Brian Mahany Most of our posts are designed to help folks understand tax laws and to prevent people becoming victims of fraud. Although we often have strong opinions on tax policy, we try not to politicize this blog. Uncle Sam’s relentless pursuit of unreported foreign bank accounts and offshore income has generated many strong […]
Can I Sue an Accountant for Failing to Report My Offshore Accounts?
Accounting Malpractice Post The IRS Offshore Voluntary Disclosure Initiative (OVDI) and other foreign account amnesty programs are long over. Between the 2009 and 2011 tax amnesty programs, roughly 30,000 taxpayers have come forward and reported their offshore accounts. Most have paid severe penalties of 20 to 25% of the value of their offshore holdings. That […]
America's Tax Gap – Who Is At Fault And What Should We Do About It
by Brian Mahany America’s tax gap – the difference between what the IRS collects and what it should collect. Estimates differ widely but everyone agrees that it is measured in the hundreds of billions of dollars annually. In the last comprehensive study, the IRS estimated it collects 84% of what is due each year. President […]
Ominous Storm Clouds Gather for Those with Unreported Overseas Accounts
[Post updated June 2019] I feel like a broken record lately about the current IRS offshore tax amnesty (called the Offshore Voluntary Disclosure Initiative). I keep writing about it because people keep calling with questions. Invariably, we are asked “will I get caught if I don’t report?” There is no easy answer to that. Surprisingly […]