Due Diligence
Posts Tagged foreign accounts
Caymans No Longer Bank Secrecy Jurisdiction (FATCA / FBAR Post)
by Brian Mahany As the implementation deadline for the Foreign Account Tax Compliance Act (FATCA) nears, more and more jurisdictions are becoming “transparent.” That means an end to the financial privacy that many wealthy Americans have come to expect. The Cayman Islands are no exception. Once known for its strict bank secrecy laws, the Caymans [...]
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Will Asia Derail FATCA?
Managing partner Brian Mahany was extensively quoted in a story published in American Banker magazine last week. The topic was whether the Obama administration’s Foreign Account Tax Compliance Act (FATCA) was in jeopardy. Brian’s interview with journalist Jon Matonis can be read here. Beginning next year, foreign banks are required to review account data and [...]
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Currency Controls – FATCA / FBAR Post
by Brian Mahany Currency controls – or the fear of them – is what causes many people to move wealth outside the United States. It is also what can cause you to lose all or most of your money. Twice in the last week we wrote about Cyprus. Although most people would not be surprised [...]
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Thumb Drives And Keeping Secrets – FBAR Post
by Brian Mahany Recently we posted a story on LinkedIn on how the IRS stumbled across a Swiss accountant’s client list. That list resulted in the accountant’s indictment as well as several of his U.S. clients. All are charged with tax evasion or failing to report foreign bank accounts. With today’s modern technology, it is [...]
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What Cyprus Meltdown Means For Offshore Account Holders (OVDI Post)
by Brian Mahany Immediately after posting a story about Cyprus’ ill fated plan to tax bank accounts, the Wall Street journal ran a story about Russians “rethinking” offshore accounts in there. We are not surprised. People invest and open foreign bank accounts because they want to keep their hard earned money safe, not see it [...]
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New Dangers Loom For Holders Of Foreign Bank Accounts (FATCA / FBAR Post)
by Brian Mahany We have long warned about the dangers of having an unreported foreign account. The biggest danger, of course is the IRS with its huge civil and criminal penalties. Miss just one FBAR filing (Report of Foreign Bank and Financial Account) and you could go to jail (if the failure was willful) or face civil [...]
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IRS Begins Rejecting OVDI Filings – Important News For Fence Sitters
by Brian Mahany We have written at least 100 posts about the Offshore Voluntary Disclosure Program (called OVDI or OVDP) and the need to file FBARs (Reports of Foreign Bank and Financial Accounts). In almost every such post we remind readers that time is running out. Many folks learned this week just how true that [...]
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Lebanon Reluctantly Moves Towards FATCA Compliance
by Brian Mahany To say FATCA isn’t popular is an understatement. Foreign banks hate the new law because it is expensive to implement and because in many circumstances, it violates local bank secrecy laws. U.S. banks hate it because several other nations are now calling for the United States to reciprocate and provide information to [...]
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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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Luxembourg, IRS Close to FATCA Deal
by Brian Mahany Almost every week the U.S. treasury announces another FATCA agreement. While the naysayers and opponents in the banking industry – and they are powerful – continue to believe that the law won’t be implemented, more and more countries sign on. FATCA is an acronym for the Foreign Account Tax Compliance Act. It [...]
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