Brown, PC Brown, PC Tax Practice Group 888.870.0025
Call for an initial consultation
Call 888.870.0025

January 2015 Archives

When the IRS refuses to change its position in a refund dispute

When a business owner is trying to keep their business financially strong and in a position to have a bright future, every little bit counts. Thus, it can be extremely frustrating for a business owner when it appears that the federal government is keeping more of the money that came from their business than it should under the tax laws.

New York CEO Pleads Guilty to Hiding Millions in Swiss Accounts

The Chairman and CEO of an international pulp mill company pled guilty to concealing more than $8.4 million in secret Swiss bank accounts. The 77 year old faces a maximum of five years in prison, and he has already agreed to pay a civil FBAR penalty of $4.2 million, which represents 50% of the highest value in the foreign accounts.

Taxpayer Advocate Criticizes IRS Offshore Compliance Efforts

In her annual report to Congress, National Taxpayer Advocate Nina Olson sharply criticized the IRS for its unfair application of FBAR penalties, as well as its treatment of innocent taxpayers who were unaware of the FBAR filing requirements. The report also recommends that the threshold for filing an FBAR, which has been set at $10,000 since 1970, be raised to $50,000.

Fugitive Swiss Banker to Appear in US Court

A former client advisor at Bank Frey & Co. AG has agreed to personally appear in a United States District Court in New York to face charges that he conspired with American clients to help them evade taxes, after a federal judge denied his request to first have conditions of bail set. Stefan Buck is one of more than twenty Swiss bankers who have been indicted but are currently considered fugitives.

Voluntary reclassfication of workers: tweaks to the IRS program

Employers face difficult decisions regarding the hiring and classification of workers. Having to pay employment taxes for employees is only one of many factors involved in these decisions. Other factors include employee preferences (some workers actually prefer the flexibility of contractor status) and the complicated nature of the distinction between employees and contractors.

Atlanta CEO Convicted of Hiding Assets in Swiss Accounts

The CEO of an Atlanta internet company has pleaded guilty to one count of willfully failing to file an FBAR, related to his concealment of offshore accounts from the U.S. Treasury. As part of his plea agreement, Kaminsky has agreed to pay the IRS a civil FBAR penalty in the amount of $250,635.

Prominent Swiss Banker Acquitted by South Florida Jury

The acquittal of the former CEO of Global Wealth Management and Business Banking at UBS AG could affect the handling of more than twenty other cases involving Swiss "enablers," many of whom are currently fugitives. A US jury rejected charges that Raoul Weil knew UBS bankers had used deception and shell corporations to conceal accounts owned by American clients.

Slouching toward FATCA compliance, part 2: FFIs and withholding

he Foreign Account Tax Compliance Act (FATCA) has not only made it more difficult for U.S. taxpayers to comply with the complicated reporting requirements for offshore accounts. It has also created burdensome new obligations for foreign financial institutions (FFIs) that serve U.S. taxpayers.

Print this Page
Email Us For A Response

Request A Consultation

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Contact Information

Brown, PC
500 Main Street
Suite 400
Fort Worth, TX 76102

Phone: 817-870-0025
Fax: 817-870-0515
Map & Directions