Posts Tagged foreign banking

Here Come The Vultures – FATCA Post

Posted by admin in Tax on April 25, 2013

by Brian Mahany It didn’t take very long. Like vultures circling a dying carcass, shortly after the meltdown of Cyprus’ financial industry, competing tax havens have began soliciting investors. With the implementation of FATCA just months away, there are some important lessons in this story. Cyprus was long a tax haven. Many Russians opened accounts [...]

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New Round Of Indictments Raises Fears For Those With Unfiled FBARs

Posted by admin in Tax on December 26, 2012

by Brian Mahany The U.S. Attorney for Manhattan announced 3 more indictments against Swiss bankers in the last days before Christmas. While not many care about a few Swiss bankers going jail, those with unreported foreign accounts should. The newest (and one of the most effective) tactic by the IRS and the Department of Justice [...]

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More Bad News For Those With Unreported Foreign Accounts (FBARs)

Posted by admin in Tax on December 4, 2012

by Brian Mahany Most of the court cases and appeals decisions coming from the IRS have not been good news for taxpayers. Two cases regarding FBAR penalties for unreported foreign financial accounts are no exception. Failing to report offshore financial accounts (that includes bank accounts, CD’s, brokerage accounts and even some foreign insurance products with [...]

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IRS Wins On Unreported Offshore Account Penalties (FBAR) Case

Posted by admin in Tax on July 24, 2012

by Brian Mahany The IRS received an important victory last week from a federal appeals court in Virginia. The 4th Circuit Court of Appeals redefined the standards for imposing harsh penalties against taxpayers who fail to report offshore bank or brokerage accounts. U.S. taxpayers with foreign bank accounts must report their offshore holdings annually on [...]

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Treasury Hunting Nominee Accounts

Posted by admin in Tax on June 20, 2012

by Brian Mahany 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 [...]

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Last Chance For FBAR Filings!

Posted by admin in Tax on June 12, 2012

by Brian Mahany In the last 4 years, the IRS has run 3 separate tax amnesty programs aimed at getting people with unreported foreign bank accounts to come forward. The current amnesty program, called the Offshore Voluntary Disclosure Program or “OVDI” – doesn’t even have an expiration date. Many of the potential clients we speak [...]

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Feds Investigation Into HSBC Bad News For Those With Unreported Foreign Accounts

Posted by admin in Tax on May 25, 2012

by Brian Mahany We have been sounding the warnings for many months about HSBC. The British banking giant – it is the 2nd largest bank in the world with almost 10,000 offices in 85 countries – has been under one sort of investigation or another in recent years. Accusations raised by the U.S. Attorney in [...]

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Will FATCA Survive?

Posted by admin in Tax on May 11, 2012

By Brian Mahany No one likes FATCA, the Foreign Account Tax Compliance Act. Passed by Congress in 2010, the law requires both U.S. taxpayers and foreign banks to report Americans with foreign accounts. U.S. taxpayers are already subject to FBAR filing rules. (An “FBAR” is a Report of Foreign Bank and Financial Accounts.) Having a [...]

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Battle of the Titans

Posted by admin in Tax on April 10, 2012

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 [...]

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IRS Commish – “Putting A Large Dent In Offshore Tax Evasion”

Posted by admin in Tax on April 7, 2012

by Brian Mahany “Putting a large dent in offshore tax evasion” – IRS Commissioner Doug Shulman used those words this week in remarks to the National Press Club. His message, however, is misses the mark. Shulman claims the IRS has made tremendous inroads against offshore tax evasion yet cites the statistics from the recent offshore [...]

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Due Diligence

Posts Tagged foreign banking

Here Come The Vultures – FATCA Post

New Round Of Indictments Raises Fears For Those With Unfiled FBARs

More Bad News For Those With Unreported Foreign Accounts (FBARs)

IRS Wins On Unreported Offshore Account Penalties (FBAR) Case

Treasury Hunting Nominee Accounts

Last Chance For FBAR Filings!

Feds Investigation Into HSBC Bad News For Those With Unreported Foreign Accounts

Will FATCA Survive?

Battle of the Titans

IRS Commish – “Putting A Large Dent In Offshore Tax Evasion”

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