Due Diligence
Posts Tagged offshore accounts
The Hunt Is On – IRS Targets Caribbean Bank For Offshore Accounts
by Brian Mahany The IRS is looking for unreported offshore accounts worldwide. This week, the IRS obtained a John Doe subpoena from a federal court allowing authorities to search for records from Canadian Imperial Bank of Commerce’s FirstCaribbean International Bank (FCIB). Previous IRS enforcement efforts have been targeted at banks in Switzerland, Israel and India. [...]
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Norway Newest Country To Sign FATCA Accord
by Brian Mahany Although some still believe FATCA is in trouble, new countries join each month. Last week on tax day (April 15th), Norway became the newest nation to sign an Intergovernmental Agreement with the IRS. FATCA is short for the Foreign Account Tax Compliance Act. Part of President Obama’s 2010 jobs legislation, the law [...]
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300 Swiss Banks Debating Settlement WIth The IRS? (FBAR Post)
by Brian Mahany According to a wire story from Reuters, the Swiss government is considering a global settlement on behalf of hundreds of Swiss banks. Although the details of the settlement discussions were not revealed, U.S. Justice Department officials and the IRS are not likely to agree on any settlement absent full disclosures of Americans [...]
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Big Brother IRS Says It Can Read Your Emails Without A Warrant (Tax Evasion Post)
Posted by admin in Tax, White Collar Criminal on April 12, 2013
by Brian Mahany According to a recent story published by CNET, the IRS says it doesn’t need a search warrant to read your email. While privacy advocates, liberals, conservatives, the ACLU and courts think otherwise, the IRS still claims that Americans have no expectation of privacy in their emails. I was shocked when reading this [...]
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Top Tax Scams – Are You On The IRS’ Radar?
by Brian Mahany With just 2 weeks before taxes are due, the IRS has cranked up their publicity machine. Indictments, public service announcements and lots of information. One of the more interesting stories is the IRS “dirty dozen” tax scams. While identity theft occupies the number 1 spot again, several “scams” warrant special mention. Near [...]
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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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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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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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Is IRS To Blame For Huge FBAR Noncompliance Problem?
by Brian Mahany We read about 2 dozens articles each week on offshore reporting, FBARs and the looming FATCA implementation. The rules for these programs are slow in coming and plenty of confusion abounds. Public awareness remains quite low. In fact, most of the clients that come to us never knew they needed to report [...]
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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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