Due Diligence
Posts Tagged Swiss accounts
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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Thumb Drives And Keeping Secrets – FBAR Post
by Brian Mahany Recently we posted a story on LinkedIn on how the IRS stumbled across a Swiss accountant’s client list. That list resulted in the accountant’s indictment as well as several of his U.S. clients. All are charged with tax evasion or failing to report foreign bank accounts. With today’s modern technology, it is [...]
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Death, Taxes and Swiss Bank Accounts (FBAR Post)
by Brian Mahany If you look up In Re Various Grand Jury Subpoenas in the Manhattan federal court’s docket, you won’t find much. Everything is sealed. Everything except Judge William Pauley’s order dated February 19th. In an unusually harsh opinion, Judge Pauley had nothing kind to say about Americans with unreported foreign accounts. The IRS [...]
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IRS: No One Is Too Old, Too Poor Or Too Sympathetic To Avoid Prosecution – (FBAR prosecution post)
by Brian Mahany We have long said that the IRS and Justice Department is not letting up in their assault on taxpayers with unreported foreign accounts. Despite our warnings, many people who call us still elect to take a “wait and see approach.” Our story last week on 79 year old widow Mary Estelle Curran [...]
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Taxpayer Advocate Questions OVDI, FBAR Penalties
by Brian Mahany Every year, the National Taxpayer Advocate issues a report to Congress. In it she discusses her own independent findings and makes recommendations on how the agency should be reformed. Although a IRS employee, NTA Nina Olson is really independent of the agency and has the ability to report directly to Congress without [...]
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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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Swiss Bank Wegelin Pleads Guilty To Helping Americans Hide Offshore Accounts
by Brian Mahany Switzerland’s oldest private bank appeared in a Manhattan federal courtroom yesterday through one of its managing directors and pleaded guilty to helping Americans hide offshore accounts from the IRS. The United States has pursued other foreign banks but never has it actually indicted a bank. As part of the guilty plea, Wegelin [...]
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New Years Day 2013: Fiscal Cliff – Maybe Not. FBARs and FATCA – Still With Us
by Brian Mahany It appears that in the middle of the night, the Senate passed a budget measure to keep us from careening over the fiscal cliff. Technically, the House has not yet passed the measure but is expected to do so today. With all the focus on the fiscal cliff, the Alternative Minimum Tax [...]
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Switzerland Agrees To FATCA
by Brian Mahany Some are probably looking at the title and thinking that I must have missed a word or, perhaps, lost my mind. No, you read the title correctly; Switzerland Agrees To FATCA. Although no formal agreement has been signed, the U.S. Treasury Department issued a press release indicating both nations had initialed an [...]
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Unreported Offshore Account? You Are Going to Get Caught!
by Brian Mahany I would be a rich man if I had a nickel for every time a potential client with unreported foreign bank accounts asked me if I thought they would be caught. Back in 2008, my answer might have been different. Not today. While not everyone may get caught – a few people [...]
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