[Updated through December 2020] The world is becoming more transparent by the day. As more banks and governments exchange financial information, thousands of innocent folks are getting caught in government drag nets designed to identify those with unreported offshore accounts. Many, however, are not innocent. Most folks with offshore accounts are dual nationals, foreign born […]
Cayman Banks To Disclose Info – IRS Whistleblower Post
[Post Updated 2020] U.S. taxpayers are required to report offshore financial holdings. This includes bank accounts, certificates of deposit, offshore brokerage accounts and even some life insurance products. Reporting is done annually on a Report of Foreign Bank and Financial Accounts, more commonly known as an FBAR form. (Depending on how those assets are held, […]
IRS FBAR Whistleblower Post – The Waiting Is Over
[Post updated 2020] We have been warning people for years that the day of reckoning was coming. Sure, there were some false starts and last minute political moves, but the waiting is over. In 2013, Switzerland and the United States reached an agreement where the Swiss will begin releasing the names of thousands of U.S. […]
FBAR Post – IRS Crackdown on Foreign Retirement Plans
Bloomberg reports the IRS is setting its sights on unreported foreign retirement plans. Most of the world is finally catching on that the IRS is serious about unreported offshore bank accounts. Many other countries are racing towards greater exchange of financial information and transparency too. Unfortunately, compliance remains very low when dealing with foreign retirement […]
Rules For Expatriation? How About An Exit Tax!
As taxes continue to climb, more and more Americans are getting fed up. While its common to hear people in taverns and lunch counters across the country threaten to simply give up their citizenship, record numbers are actually doing so! Renouncing one’s citizenship and leaving the country is called expatriation. Of course many people who […]
300 Swiss Banks Debating Settlement WIth The IRS? (FBAR Post)
[With a July 2019 update] 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 […]
"Check The Box" Won’t Work For Foreign Financial Institutions – FATCA Compliance
by Brian Mahany I vividly remember a job application for a summer job at an oil refinery many years ago. One of the questions was, “Are you addicted to or take illegal narcotics?” You don’t have to be the brightest to work in a refinery but they didn’t clearly were concerned about stoners working around […]
Battle of the Titans
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 […]
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 […]