[Updated through December 2020] The world is becoming more transparent by the day. As more banks and governments exchange financial information, thousands of innocent folks are getting caught in government drag nets designed to identify those with unreported offshore accounts. Many, however, are not innocent. Most folks with offshore accounts are dual nationals, foreign born […]
Big Tool in the IRS Arsenal – John Doe Summons (Whistleblower Post)
[Updated May 2020] Since 2007, the IRS and Department of Justice has been waging war against tax evaders hiding money offshore. Unfortunately, millions of U.S. taxpayers may become victims of that war as the IRS ramps up efforts to find and prosecute Americans with unreported offshore accounts. One of the most powerful weapons in their […]
Top Tax Scams – Are You On The IRS' Radar?
by Brian Mahany With just 2 weeks before taxes are due, the IRS has cranked up their publicity machine. Indictments, public service announcements and lots of information. One of the more interesting stories is the IRS “dirty dozen” tax scams. While identity theft occupies the number 1 spot again, several “scams” warrant special mention. Near […]
Charges Against US Lawyer Proceeding – Red Flag For CPAs and Lawyers That Have Clients With Offshore Accounts
[Updated 2021] Previously we reported on California attorney Christopher Rusch after he was indicted and arrested for helping two clients establish unreported foreign accounts. Rusch initially denied the charges but court documents released this month suggest he may have cut a plea deal with prosecutors. The case is being closely watched by those with unreported […]
$104 Million IRS Whistleblower Reward? Yup, Bank Secrecy is Dead!
Meet Bradley Birkenfeld. Bradley is a disgraced former Swiss banker that spent about 2 and a 1/2 years in prison for helping Americans evade taxes and hide their money in Swiss accounts. He is out of jail now and is getting a check from Uncle Sam for $104 million. What did he do to earn […]
Think No One Will Discover Your Offshore Account? Read This!
by Brian Mahany We are never surprised anymore when the feds announce a new wave of indictments against taxpayers with unreported accounts. Until 2008, the IRS didn’t look very hard and prosecutions were few. As the economy has soured, tax authorities around the world have become quite creative in finding new revenue streams. To enforce […]
Treasury Hunting Nominee Accounts – IRS Whistleblower Post
[Updated 2021] The U.S. government is getting quite sophisticated in its hunt for unreported foreign accounts and those they believe are laundering money. While most people who haven’t reported their offshore bank and brokerage accounts don’t have a clue about the disclosure rules, some do. The people who have decided not to cooperate with the […]
Another Can’t Lose Strategy Hits The Market
by Brian Mahany It seems that more and more we are reporting on companies offering “bulletproof” asset protection products. Moving your assets offshore might beneficial for some but thinking that you can purchase complete protection from all creditors “for just one easy payment of $995” is crazy. We chuckled this morning when we received an […]
Does The New FATCA Law Help Foreign Dictators?
by Brian Mahany Most of our posts are designed to help folks understand tax laws and to prevent people becoming victims of fraud. Although we often have strong opinions on tax policy, we try not to politicize this blog. Uncle Sam’s relentless pursuit of unreported foreign bank accounts and offshore income has generated many strong […]
Lawyer Indicted For Helping Clients Set Up Offshore Swiss Bank Accounts
by Brian Mahany The IRS and U.S. Department of Justice show no sign of letting up in their quest to ferret out U.S. taxpayers with unreported offshore accounts. Earlier this week Justice officials unsealed an indictment against a former San Diego tax attorney and two of his clients for alleging hiding millions in unreported Swiss […]