Due Diligence
Posts Tagged tax amnesty
Unreported Account in Singapore? Time Running Out – FBAR Post
There are tens of thousands of Americans with offshore accounts, many of them in Singapore. As the 4th largest banking center, Singapore has become a popular tax haven for people trying to hide money from the government. That is about to change. If you have a bank or other financial account there and haven’t been [...]
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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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OVDI Offshore Amnesty “Opt Outs” A Good Deal?
by Brian Mahany Spend an hour on the Internet and you will find many self-proclaimed experts suggesting the best way to come into compliance with the IRS offshore reporting rules and avoid steep penalties. Several theories abound including “quiet disclosures”, “opt outs,” “noisy disclosure” and going the amnesty route which involves a one time 27.5% [...]
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Here Come The Vultures – FATCA Post
by Brian Mahany It didn’t take very long. Like vultures circling a dying carcass, shortly after the meltdown of Cyprus’ financial industry, competing tax havens have began soliciting investors. With the implementation of FATCA just months away, there are some important lessons in this story. Cyprus was long a tax haven. Many Russians opened accounts [...]
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Businesswoman Charged With Unreported Israeli Accounts – FBAR Post
Posted by admin in Tax, White Collar Criminal on April 23, 2013
by Brian Mahany Opening an account in Israel or any other foreign country is legal. Not filing required FBARs for that account is a crime, however. Guity Kashfi of Los Angeles is learning that lesson the hard way. Prosecutors charged her with conspiracy to defraud the United States, a charge that carries a 5 year [...]
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The Offshore Inquisition (FBAR / FATCA Post)
by Brian Mahany Having a bank or brokerage account in a foreign country is not illegal. There are dozens of reasons to keep assets offshore and most are completely legitimate. Listen to politicians and the media, however, and a different picture emerges. Owners of foreign accounts have been demonized. Politicians portray them as criminals. In [...]
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Huge Data Breach Threatens Unreported Account Holders Worldwide – FBAR Post
by Brian Mahany Headlines around the world carried the story – in one of the most massive data breaches of the new millenium, the Washington DC based International Consortium of Investigative Journalists managed to obtain confidential financial records containing the names of people with offshore accounts. According to Canada’s CBC News, the records contain information [...]
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What Cyprus Meltdown Means For Offshore Account Holders (OVDI Post)
by Brian Mahany Immediately after posting a story about Cyprus’ ill fated plan to tax bank accounts, the Wall Street journal ran a story about Russians “rethinking” offshore accounts in there. We are not surprised. People invest and open foreign bank accounts because they want to keep their hard earned money safe, not see it [...]
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HSBC Argentina Charged In Tax Fraud Case
by Brian Mahany HSBC always seems to be in the news these days. And it isn’t good news. Money laundering, helping Americans evade taxes and even helping narcoterrorists. Today’s news doesn’t come from Uncle Sam, however, it comes from AFIP, Argentina’s Revenue Service. The Argentines criminally charged HSBC Bank Argentina with evading taxes and money [...]
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New Dangers Loom For Holders Of Foreign Bank Accounts (FATCA / FBAR Post)
by Brian Mahany We have long warned about the dangers of having an unreported foreign account. The biggest danger, of course is the IRS with its huge civil and criminal penalties. Miss just one FBAR filing (Report of Foreign Bank and Financial Account) and you could go to jail (if the failure was willful) or face civil [...]
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