IRS posts its “wins” involving offshore accounts

- By : Parag Patel

http://www.irs.gov/uac/Offshore-Tax-Avoidance-and-IRS-Compliance-Efforts Offshore Tax-Avoidance and IRS Compliance Efforts The IRS continues to uncover abusive tax-avoidance schemes involving offshore activity. Find information here pertaining to Union Bank of Switzerland (UBS). Aug. 19,…

Another Customer with Unreported Offshore Bank Accounts Pleads Guilty

- By : Parag Patel

…AG regarding allegations that the Swiss bank was helping U.S. taxpayers maintain undeclared accounts. Landegger and the Swiss Bank official discussed the possibility of entering the IRS’s offshore voluntary disclosure…

Secret Swiss Bank Accounts are No Longer Secret

- By : Parag Patel

offshore accounts. Under the Program, penalties are 20% of the maximum aggregate dollar value of all non-disclosed accounts that were held by the bank on August 1, 2008. The penalty…

Another foreign bank customer found guilty of foreign income under-reporting and FBAR violations.

- By : Parag Patel

…secret foreign bank accounts. Dr. Arvind Ahuja of Wisconsin was convicted earlier this week by a jury on federal tax charges stemming from his failure to disclose offshore bank accounts

ABA COMMENTS ON THE 2014 OFFSHORE VOLUNTARY DISCLOSURE PROGRAM AND THE STREAMLINED PROGRAMS

- By : Parag Patel

…or Facilitators (the “50% Bank List”).   Some taxpayers had accounts of nominal value held at foreign financial institutions that are on the 50% Bank List and also had accounts

New voluntary disclosure program for offshore accounts in 2011

- By : Parag Patel

The Internal Revenue Service said this week that it would soon announce a new amnesty program aimed at encouraging wealthy Americans with hidden offshore bank accounts to come forward, declare…

Numerous Criminal Prosecutions of Taxpayers with Unreported Offshore Accounts

- By : Parag Patel

…entered a guilty plea to one count of willfully subscribing to a false federal income tax return. Beginning in 1981, Chernick had off-shore accounts at UBS and another Swiss Bank

IRS expands use of Subpeonas

- By : Parag Patel

…gateway into the U.S. banking system for offshore banks by maintaining correspondent bank accounts for them. By granting the summonses for correspondent banking accounts, federal courts effectively extended the reach…

US Department of Justice Encourages Swiss banks to Disclose Information

- By : Parag Patel

…five banks to produce information identifying foreign banks that used ZKB’s and Butterfield’s correspondent accounts at the five banks to service U.S. clients. The Program also provides that Swiss banks…

Swiss Government and US Government Announce New Program for Cooperation and Disclosure by Swiss Banks

- By : Parag Patel

…later than October 31, 2014. REQUIREMENTS AND POTENTIAL PENALTIES Category 1 banks and non-participating banks Category 1 banks are those banks which have been notified that they are already under…

One Month Countdown: The Deadline is Nearing for U.S. Taxpayers with Undisclosed Accounts to Come Forward

- By : Parag Patel

…and around the world with many undisclosed offshore accounts states, “The U.S. government is taking quick action to bring taxpayers into compliance by means of opening investigations into offshore banks…

The Tax Heat is On

- By : Parag Patel

accounts in Belize. The “John Doe” Summonses sought information regarding US persons who hold offshore accounts at Belize Bank International Limited and Belize Bank Limited (the “Belize Banks”). These summonses…

COURT AUTHORIZES SERVICE OF JOHN DOE SUMMONS SEEKING THE IDENTITIES OF U.S. TAXPAYERS WITH OFFSHORE ACCOUNTS AT CIBC FIRSTCARIBBEAN INTERNATIONAL BANK

- By : Parag Patel

…seeking information about U.S. taxpayers who may hold offshore accounts at Canadian Imperial Bank of Commerce FirstCaribbean International Bank (FCIB). The order was signed by Senior District Judge Thelton E….

Eleven foreign financial institutions to share their US customer account information

- By : Parag Patel

…7. Bank Leumi Le-Israel 8. Bank Hapoalim 9. Mizrahi-Tefahot Bank 10. Liechtensteinische Landesbank 11. Neue Zuercher Bank (NZB) The terms of the US government agreement would be similar to the…

Time Running Out for HSBC India accountholders sought by IRS

- By : Parag Patel

offshore investigations since 2000. Reeves has been the lead investigator for the IRS’s Offshore Credit Card Project, Offshore Private Banking Initiative and other offshore compliance initiatives since 2003. Reeves’ declaration…

IRS’s four offshore programs have netted 39,000 taxpayers and over $5.5 billion

- By : Parag Patel

…variety of reasons for having offshore accounts. More than half of them had accounts at the Swiss bank UBS, which signed a deferred prosecution agreement in 2009 with the IRS…

IRS announces two new intriguing targeted enforcement campaigns

- By : Parag Patel

…taxpayers with transactions or accounts at offshore private banks. This campaign targets tax noncompliance and the information reporting associated with these offshore accounts. Both of these two new IRS campaigns…

Latest Guilty Plea for an Another HSBC Offshore Bank Accountholder

- By : Parag Patel

…Treasury. It is noteworthy that relatively small amounts of income, tax, and offshore assets were involved. The offshore accounts ranged from about $65,000 to $150,000. The nature of the offshore

New Streamlined Domestic Offshore Procedures (SDOP) is a Game Changer

- By : Parag Patel

…use the Streamlined Foreign Offshore Procedures (SFOP)) taxpayers alike. The SDOP liberalizes the old rules and rewards non-willful taxpayers to disclose offshore assets with minimal tax and a lower penalty….

The IRS Large Business and International division (LB&I) has announced a new Offshore Private Banking enforcement campaign

- By : Parag Patel

offshore bank accounts, as a result, they suggested the campaign. The IRS Offshore Private Banking enforcement campaign goal is to improve return selection, identify issues representing a risk of non-compliance,…

IRS Launches Second Offshore Voluntary Disclosure Initiative After Successful Prosecution

- By : Parag Patel

…IRS. Dhake will face as imprisonment for five years. The IRS may issue a summons to HSBC Bank to disclose its customers with foreign bank accounts. The IRS’ 2011 Offshore

2016 US Dept of Justice (DOJ) Tax Division: FBAR penalty collection cases

- By : Parag Patel

…over four accounts maintained at Hong Kong and Shanghai Banking Corporation Limited (HSBC) India. Millions of dollars flowed into these accounts. Desai failed to file FBARs for the accounts, did…

2012 Offshore Account Criminal Tax Cases

- By : Parag Patel

The Department of Justice continues to prosecute cases involving United States taxpayers who have failed to report their interests in offshore accounts. Most of the cases are for large offshore

IRS Collects $10 Billion From Voluntary Disclosures of Foreign Assets

- By : Parag Patel

The Internal Revenue Service’s efforts to prod taxpayers to disclose their offshore bank accounts and pay taxes on their holdings have reached the $10 billion mark and prompted over 100,000…

With No More Amnesty Program: Explore the IRS’s Traditional Voluntary Disclosure program

- By : Parag Patel

…as such large banks as Credit Suisse and HSBC, have heighten the risks of not disclosing a foreign account. Taxpayers who have not disclosed their offshore bank accounts should do…

Full Analysis of Updated 2012 OVDP Program

- By : Parag Patel

…2012 for taxpayers with unreported income or assets, generally in the form of off-shore bank accounts. The IRS also added details to the compliance initiative by publishing 55 frequently asked…

HSBC and NRI Bank Accounts: Could It Spread to Other Banks?

- By : Parag Patel

…move has raised several questions. First, why did US authorities single out HSBC? Second, would US IRS also approach banks like State Bank of India and Citibank for information? Responding…

Bank Leumi: Another Foreign Bank Recommends the IRS Voluntary Disclosure Program

- By : Parag Patel

Bank Leumi is urging its U.S. clients to disclose information about their accounts to U.S. authorities investigating Leumi and many other foreign banks over possible tax avoidance by Americans. In…

US DOJ Tax Asst Attorney General Keneally Reports that One third of Swiss Banks Joining US DOJ Swiss Bank Program

- By : Parag Patel

…the program as a new source of information and would pursue leads whether the funds in the accounts went to other Swiss banks or to banks in other countries. A…

NY Art Consultant Indicted for Filing False Tax Returns and Failing to File FBARs

- By : Parag Patel

…ownership of some of the undeclared accounts and deliberately failed to report the accounts and the income generated in the accounts to the IRS. As of December 31, 2008, the…