Due Diligence
Posts Tagged IRS
Lawyer Indicted For Helping Clients Set Up Offshore Swiss Bank Accounts
by Brian Mahany
The IRS and U.S. Department of Justice show no sign of letting up in their quest to ferret out U.S. taxpayers with unreported offshore accounts. Earlier this week Justice officials unsealed an indictment against a former San Diego tax attorney and two of his clients for alleging hiding millions in unreported Swiss bank [...]
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Right to Remain Silent in Offshore Asset Cases? NO Says Appeals Court!
by Brian Mahany
Our 5th amendment privilege against self - incrimination is a basic fundamental right guaranteed by the Constitution. Americans can trace this protection from government abuse of authority all the way back to 1215 and the Magna Carta. Think of growing up watching TV shows and movies where the cops tell the bad guy [...]
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Should You Consider an Offshore Account?
by Brian Mahany
About a week ago, I received an email from Doug Casey of Casey Research. The email discussed the benefits of opening an offshore account. His email brings up an important reminder. Often we receive calls from folks who have unreported offshore accounts. They often ask if they should close the account and repatriate [...]
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Swiss Amend Law To Permit More Info Sharing
by Brian Mahany
Switzerland has amended its financial disclosure laws to permit increased exchange of financial information with non-Swiss authorities. The latest move is limited to investigations related to the financing of terrorism and money laundering.
While Americans and others with unreported foreign accounts may be breathing a sigh of relief, the U.S. government frequently adds one [...]
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Swiss Account Holders Beware!
by Brian Mahany
UBS is old news. In recent months we have reported on investigations by the IRS and the U.S. Department of Justice into Credit Suisse, Wegelin, Kantonbank, Clariden Leu, Basler and Julius Baer. In November a former Justice Department official said the list was up to 17 banks. According to a new article by [...]
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Questions About FATCA? You Are Not Alone
by Brian Mahany
We no sooner than release a simple post on the new FATCA financial asset reporting requirements and immediately the emails and calls pour in. It seems as if there are more questions than answers.
Major tax law changes always create questions and uncertainty in the first few years after enactment. The new FATCA reporting [...]
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As the Pockets of Offshore Tax Evaders get Fatter, the IRS gets FATCA
by Wassim Malas
In the age-old game of cat-and-mouse between the IRS and tax evaders, the U.S. government just added a new tool to its arsenal. As part of the ongoing effort to improve tax compliance (and more importantly collection) involving foreign financial assets and offshore accounts, the United States in 2010 enacted [...]
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BREAKING NEWS - NEW OFFSHORE AMNESTY PROGRAM!
by Brian Mahany
That didn’t take long. Like Star Wars and Rocky, the IRS’ offshore tax amnesty program is coming out with its fourth release. The newest edition, called the Offshore Voluntary Disclosure Program or OVDP takes the same name as the 2009 program and comes just a few months after the 2011 OVDI program ended.
Sound [...]
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More Swiss Bankers Indicted - This Time From Wegelin & Co
by Brian Mahany
It’s a new year and already the feds have indicted 3 more Swiss bankers, this time from Wegelin & Co, Switzerland’s oldest private bank. The feds say that the 3 helped American holders hide $1.2 billion from the IRS.
On January 3rd, an indictment was unsealed in a Manhattan federal court charging Urs Frei, [...]
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IRS Flexes It Muscles, Fed Court Approves
by Brian Mahany
Although many people believe the IRS can do anything it wants, the government does have limits in how it gathers data. Some will argue with me and cite some of the scarier provisions in the various homeland security laws but the IRS still has a number of procedural limits on how it gathers [...]
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