Due Diligence
Posts Tagged Portland tax lawyer
Oy Vey! FATCA Coming To Israel
FATCA – the Foreign Account Tax Compliance Act – will soon require banks and other financial institutions worldwide to report accounts with ties to the United States. Although Americans can legally hold assets offshore, federal law says they must be disclosed annually. Failure to disclose one’s assets may be a felony and will expose the [...]
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More Foreign Account Data Leaks – Bad News For Those With Unreported FBARs
by Brian Mahany In recent years, governments around the world have started a dangerous new trend; paying criminals for stolen foreign account data. Unreported offshore accounts are an important source of revenue for the IRS and other countries. While the IRS and US Justice Department prefer to indict and arrest lawyers, accountants and foreign bankers [...]
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Tax Officials Say They Will Use Courts To Obtain Offshore Account Info – Postscript
by Brian Mahany Just seven hours ago I wrote the post Offshore Tax Inquisition. In that story I questioned why government tax officials were so eager to obtain a copy of the stolen email data now in the hands of the International Consortium of Investigative Journalists. That data is believed to contain offshore account records [...]
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Trickle Down Economics? – Maryland Debate’s “Rain Tax”
by Brian Mahany While serving as Maine’s state revenue commissioner in the 90′s I had to deal with hospital taxes (the so called “sick tax”) and taxes on snack food (often called the Girl Scout cookie tax). Lobbyists can get pretty creative with labels, usually in an effort to defeat a tax proposal or at [...]
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Former CPA Gets 3.5 Years in Prison, $100 Million Restitution For Tax Evasion Role
Posted by admin in Fraud Recovery, Legal Malpractice, Tax on March 28, 2013
by Brian Mahany A former CPA and banker at Deutsche Bank AG was sentenced to 3-1/5 years and ordered to pay $115,700,000 for his role in helping clients evade taxes. David Parse will have to serve about 3 years before eligible for early release. He was convicted of mail fraud and obstruction charges. Prosecutors say [...]
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Currency Controls – FATCA / FBAR Post
by Brian Mahany Currency controls – or the fear of them – is what causes many people to move wealth outside the United States. It is also what can cause you to lose all or most of your money. Twice in the last week we wrote about Cyprus. Although most people would not be surprised [...]
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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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FBAR Penalties
by Brian Mahany A reader of our blog recently asked for a simple to understand summary of the penalties for failing to file a Report of Foreign Bank and Financial Accounts, more commonly referred to as an FBAR. Foreign bank and brokerage accounts must be reported annually on an FBAR form, TD-90-22.1. This report must [...]
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Wegelin Postscript – World’s Oldest Bank To Close After Tax Evasion Plea
Posted by admin in Tax, White Collar Criminal on January 5, 2013
by Brian Mahany Wegelin & Co. was the world’s oldest bank. Established in 1741, decades before the Revolutionary War, the bank announced it will be permanently shutting its doors. Why? The bank simply could not survive after pleading guilty to U.S. criminal charges that it assisted American taxpayers evade taxes. Wegelin once boasted to depositors [...]
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FATCA – 2 Steps Forward, One Step Back?
by Brian Mahany There is not a week when the new Foreign Account Tax Compliance Act isn’t in the news. The controversial new law which is already in effect for individuals will soon require foreign banks to disclose the identities of U.S. taxpayers with an interest in a foreign bank or brokerage account. This week, [...]
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