[Post Updated 2020] U.S. taxpayers are required to report offshore financial holdings. This includes bank accounts, certificates of deposit, offshore brokerage accounts and even some life insurance products. Reporting is done annually on a Report of Foreign Bank and Financial Accounts, more commonly known as an FBAR form. (Depending on how those assets are held, […]
IRS FBAR Whistleblower Post – The Waiting Is Over
[Post updated 2020] We have been warning people for years that the day of reckoning was coming. Sure, there were some false starts and last minute political moves, but the waiting is over. In 2013, Switzerland and the United States reached an agreement where the Swiss will begin releasing the names of thousands of U.S. […]
FBAR Post – IRS Crackdown on Foreign Retirement Plans
Bloomberg reports the IRS is setting its sights on unreported foreign retirement plans. Most of the world is finally catching on that the IRS is serious about unreported offshore bank accounts. Many other countries are racing towards greater exchange of financial information and transparency too. Unfortunately, compliance remains very low when dealing with foreign retirement […]
Offshore Tax Evasion Update – By The Numbers
We frequently post stories about both Americans and foreign bankers prosecuted for tax evasion involving unreported offshore accounts. U.S. taxpayers are usually prosecuted for filing a false tax return (a 3 year felony) or failure to file an FBAR (5 years). Bankers, lawyers and accountants associated with these taxpayers are frequently charged with conspiracy to […]
Tax Evasion Update – HSBC Whistleblower In High Demand
Twice before we wrote about Herve Falciani, a former computer specialist for HSBC bank in Switzerland. Falciani is a fugitive from Swiss authorities but welcomed in other European countries. Why? Because he allegedly stole the names of 130,000 client names from his former employer; names that are probably responsible for billions in unreported foreign accounts and […]
300 Swiss Banks Debating Settlement WIth The IRS? (FBAR Post)
[With a July 2019 update] According to a wire story from Reuters, the Swiss government is considering a global settlement on behalf of hundreds of Swiss banks. Although the details of the settlement discussions were not revealed, U.S. Justice Department officials and the IRS are not likely to agree on any settlement absent full disclosures […]
Top Tax Scams – Are You On The IRS' Radar?
by Brian Mahany With just 2 weeks before taxes are due, the IRS has cranked up their publicity machine. Indictments, public service announcements and lots of information. One of the more interesting stories is the IRS “dirty dozen” tax scams. While identity theft occupies the number 1 spot again, several “scams” warrant special mention. Near […]
Charges Against US Lawyer Proceeding – Red Flag For CPAs and Lawyers That Have Clients With Offshore Accounts
[Updated 2021] Previously we reported on California attorney Christopher Rusch after he was indicted and arrested for helping two clients establish unreported foreign accounts. Rusch initially denied the charges but court documents released this month suggest he may have cut a plea deal with prosecutors. The case is being closely watched by those with unreported […]
Think No One Will Discover Your Offshore Account? Read This!
by Brian Mahany We are never surprised anymore when the feds announce a new wave of indictments against taxpayers with unreported accounts. Until 2008, the IRS didn’t look very hard and prosecutions were few. As the economy has soured, tax authorities around the world have become quite creative in finding new revenue streams. To enforce […]
Treasury Hunting Nominee Accounts – IRS Whistleblower Post
[Updated 2021] The U.S. government is getting quite sophisticated in its hunt for unreported foreign accounts and those they believe are laundering money. While most people who haven’t reported their offshore bank and brokerage accounts don’t have a clue about the disclosure rules, some do. The people who have decided not to cooperate with the […]