Due Diligence
Posts Tagged unreported income
Hundreds Of Americans Rip Up Passports To Avoid FATCA
A recent headline in IFC Review declared that hundreds of Americans were ripping up their passports to avoid FATCA. FATCA is short for the Foreign Account Tax Compliance Act, the law that will soon require banks and other financial institutions worldwide to report accounts with ties to U.S. taxpayers. The law’s implementation date has already [...]
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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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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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Norway Newest Country To Sign FATCA Accord
by Brian Mahany Although some still believe FATCA is in trouble, new countries join each month. Last week on tax day (April 15th), Norway became the newest nation to sign an Intergovernmental Agreement with the IRS. FATCA is short for the Foreign Account Tax Compliance Act. Part of President Obama’s 2010 jobs legislation, the law [...]
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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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IRS Extends Willful Blindness To Civil Tax Disputes
Posted by admin in Tax, White Collar Criminal on April 13, 2013
by Brian Mahany Willful Blindness has long been a tool of federal prosecutors in a wide variety of criminal tax and drug cases. The doctrine holds that one can’t avoid criminal responsibility by simply ignoring the obvious. For example, drug couriers have unsuccessfully attempted argue that they couldn’t be found guilty of transporting drugs since [...]
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Big Brother IRS Says It Can Read Your Emails Without A Warrant (Tax Evasion Post)
Posted by admin in Tax, White Collar Criminal on April 12, 2013
by Brian Mahany According to a recent story published by CNET, the IRS says it doesn’t need a search warrant to read your email. While privacy advocates, liberals, conservatives, the ACLU and courts think otherwise, the IRS still claims that Americans have no expectation of privacy in their emails. I was shocked when reading this [...]
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Finding The Right FBAR Lawyer
by Brian Mahany There is a fair amount of confusion as to whether a person needs a lawyer to file FBARs. The answer for most people is no. U.S. taxpayers must report certain offshore financial holdings annually on a Report of Foreign Bank and Financial Accounts. FBAR for short. The FBAR is a separate form [...]
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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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