Due Diligence
Posts Tagged foreign account amnesty
The Offshore Inquisition (FBAR / FATCA Post)
by Brian Mahany Having a bank or brokerage account in a foreign country is not illegal. There are dozens of reasons to keep assets offshore and most are completely legitimate. Listen to politicians and the media, however, and a different picture emerges. Owners of foreign accounts have been demonized. Politicians portray them as criminals. In [...]
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FATCA Showdown In The Philippines?
by Brian Mahany FATCA is short for the Foreign Account Tax Compliance Act – the Obama administration’s push to end tax secrecy around the world. Under the new FATCA law, foreign banks and other financial institutions will be required to review and report accounts with ties to the United States. Although the Bank Secrecy Act [...]
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“Nobody Expected That In Just One Moment, Everything Would Stop” – FATCA Post
by Brian Mahany This is our fourth story on the Cyprus banking meltdown but the last several posts have hit a raw nerve judging by the calls we have received. Many people previously worried about whether their offshore accounts would be discovered are now worrying about how safe their funds are. And with good reason. [...]
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Death, Taxes and Swiss Bank Accounts (FBAR Post)
by Brian Mahany If you look up In Re Various Grand Jury Subpoenas in the Manhattan federal court’s docket, you won’t find much. Everything is sealed. Everything except Judge William Pauley’s order dated February 19th. In an unusually harsh opinion, Judge Pauley had nothing kind to say about Americans with unreported foreign accounts. The IRS [...]
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New FATCA Treaty With Switzerland Contains Important Carve Outs For Preexisting Accounts
by Brian Mahany Earlier today we published a story on the new bilateral agreement between the United States and Switzerland regarding the framework to institute FATCA (the Foreign Account Tax Compliance Act). That article was general in nature and was posted to alert folks with unreported Swiss accounts that the day of reckoning will soon [...]
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Is FATCA In Trouble? Unfortunately, NO
by Brian Mahany Although we are not fans of Foreign Account Tax Compliance Act (or FATCA for short), we begrudgingly acknowledge that the law is probably here to stay. More importantly, with so many independent tax exchange agreements signed, the chances of keeping an unreported foreign bank account secret from Uncle Sam are not good. [...]
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New Years Day 2013: Fiscal Cliff – Maybe Not. FBARs and FATCA – Still With Us
by Brian Mahany It appears that in the middle of the night, the Senate passed a budget measure to keep us from careening over the fiscal cliff. Technically, the House has not yet passed the measure but is expected to do so today. With all the focus on the fiscal cliff, the Alternative Minimum Tax [...]
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Think The Offshore Tax Amnesy Is A Sucker’s Bet? Ask The Experts.
by Brian Mahany For months I have tried to build a case for participation in the IRS’ offshore tax amnesty program (called the Offshore Voluntary Disclosure Initiative). Yet only 10% of the people who contact us and qualify elect to participate. The remainder remain sitting on the fence or have simply decided to play audit [...]
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