Due Diligence
Posts Tagged IRS amnesty
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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Taiwan Latest Country To Agree To FATCA
by Brian Mahany The drum beat and march towards financial transparency continues. Like it or not, FATCA is probably here to stay. FATCA is short for the Foreign Account Tax Compliance Act. FATCA requires foreign banks and other financial institutions to review and identify accounts with ties to the United States. Those financial institutions will [...]
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IRS’ Get Out Of Jail Free Card Has Limits – OVDI / OVDP Post
Posted by admin in Tax, White Collar Criminal on March 13, 2013
by Brian Mahany We field calls almost everyday from taxpayers with unreported foreign accounts. As the January 2014 compliance date looms large and the IRS / Justice Department juggernaut continues to ramp up enforcement efforts, much confusion about the IRS’amnesty program remains. Unlike most IRS programs that have thousands of pages of regulations, rules and [...]
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Indian Business Man Prosecuted For Unreported HSBC India Account (FBAR Post)
Posted by admin in Tax, White Collar Criminal on March 3, 2013
by Brian Mahany Although all the media attention on unreported foreign accounts appears to focused on Switzerland, the Justice Department and IRS continue to look worldwide for U.S. taxpayers with undeclared offshore accounts. According to a press release from the United States Attorney’s Office, Sameer Gupta pleaded guilty last week to one count of tax [...]
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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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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 [...]
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FATCA – “The Road To Hell Paved With Good Intentions”
by Brian Mahany The above quote comes from comments made by one accounting professional in response to a recent speech by IRS Commissioner Doug Shulman to the Financial Accounting Foundation. Shulman claims that the IRS has listened to all stakeholders when developing regulations for the new Financial Account Tax Compliance Act (FATCA) but many expats, [...]
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Armageddon For Holders Of Unreported Swiss Accounts
by Brian Mahany I am amazed at the number of people who are sitting on the fence when it comes to deciding how to handle unreported foreign bank accounts. Although most of our clients never had any criminal intent to defraud the government, the prospect of paying the IRS a 27.5% amnesty penalty or electing [...]
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“Anonymously Conduct” Your Financial Affairs?
by Brian Mahany How could I resist – I read a post on an offshore fraud LinkedIn group offering to help me “conduct anonymously [my] banking and financial transaction[sic].” The offer came from a “Private and Independent International Banker (Canadian citizen).” The offer also promised to help me conduct my transactions with the secrecy and [...]
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More Offshore Indictments
by Brian Mahany First it was indictments of U.S. taxpayers with offshore accounts. Then the Department of Justice and IRS began indicting individual Swiss bankers. Now, in the latest move against unreported foreign accounts, the U.S. government has indicted a Swiss bank, Wegelin & Co., Switzerland’s oldest private bank. On Friday, Justice officials in Washington [...]
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