Due Diligence
Posts Tagged offshore accounts
Surgeon Tries To Hide Money From IRS AND Ex-Wife
by Brian Mahany
I am not sure what is worse - getting caught by the IRS and going to jail for 5 years or incurring the wrath of a woman scorned. Dr. Michael Brandner will soon find out the hard way. According to an article published in panama-guide.com, Brandner was caught after IRS special agents recorded [...]
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Americans Living Abroad Latest to Criticize the IRS
by Brian Mahany
Offshore reporting and unreported foreign bank accounts are hot topics these days. Candians are complaining, Indians living in the U.S. aren’t happy, dual nationals are crying foul… even the National Taxpayer Advocate is criticizing her own agency. Enter now Americans living overseas.
On Friday the group American Citizens Abroad (ACA) issued a press release [...]
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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, Canadian [...]
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Bank Secrecy Is Dead - Why Millions Are At Risk
by Brian Mahany
The news wires have been buzzing this week with new stories about offshore reporting. Most commentary has been directed at the banking side of FATCA, the new Foreign Account Tax Compliance Act. The first phase of FATCA is in effect this year - it essentially adds another layer of reporting requirements for individuals [...]
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File A False Tax Return? Add Deportation to Your List of Worries
by Brian Mahany
Living the American dream is a wonderful thing unless you are not a U.S. citizen and file a false tax return. The U.S. Supreme Court ruled on Tuesday that a married Japanese couple legally in the U.S. since 1984 could be deported for filing false tax returns.
Although we hear everyday how bad things [...]
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Court Victory For Bank Secrecy… (In France)
by Brian Mahany
In recent years, several European governments have resorted to stealing confidential bank information. Germany went so far as to bribe a bank employee in Lichtenstein to obtain a list of bank customers. After the theft, German officials reportedly offered some type of witness protection to the data thief. While that behavior is abhorent, [...]
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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 privacy [...]
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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 D.C. announced [...]
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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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$500,000 Penalties On $4000 Tax Case? Unfortunately Yes!
by Brian Mahany
Not a week goes by that we don’t sound the alarm about the penalties for those with unreported offshore accounts. Most people heed our advice when they learn that foreign bank and brokerage accounts must be disclosed annually to the IRS. A few, however, would rather play audit roulette and hope they don’t [...]
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