Due Diligence
Posts Tagged unreported foreign account
Quiet Disclosures (FBAR) Next IRS Target
The IRS believes that there are millions of Americans who have failed to file FBARs; short for Report of Foreign Bank and Financial Accounts. Taxpayers with offshore holdings of $10,000 or more are required to report those holdings to the IRS. The duty to report includes people merely having signature authority over a foreign account. [...]
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Tax Evasion vs Tax Fraud? An Important Question For Holders Of Unreported Swiss Accounts
by Brian Mahany Tax evasion? Tax Fraud? Are we just talking semantics? The answers to those questions is important for holders of unreported Swiss bank accounts. The U.S. Bank Secrecy Act makes it a felony to have an unreported foreign account. The definition of “account” these days is pretty broad and includes not only checking [...]
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Wegelin Redux – What’s In Store For Holders of Unreported Swiss Accounts
by Brian Mahany It’s a frigid 17 degrees in Minneapolis as I write this story. My weather app says its 38 degrees in St. Gallen, Switzerland (until recently the home of Wegelin bank), although Swiss bankers – and their U.S. customers – are the ones really feeling the chill today. The London based Financial Times [...]
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New Round Of Indictments Raises Fears For Those With Unfiled FBARs
by Brian Mahany The U.S. Attorney for Manhattan announced 3 more indictments against Swiss bankers in the last days before Christmas. While not many care about a few Swiss bankers going jail, those with unreported foreign accounts should. The newest (and one of the most effective) tactic by the IRS and the Department of Justice [...]
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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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Isle of Man, Jersey & Guernsey To Sign FATCA Accord With the IRS
by Brian Mahany The crown dependencies of Jersey, Guernsey and Isle of Man are working to shed their reputation as tax havens catering to those who seek to evade tax. All three island states have recently agreed to sign agreements with the United States Treasury in anticipation of the upcoming implementation of FATCA, short for [...]
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