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March 2015 Archives

What the Increased 50% OVDP Penalty Means for You

Last summer, the IRS announced sweeping changes to its ongoing offshore compliance initiatives. The biggest change was the announcement of new Streamlined Compliance Procedures. Under these procedures, eligible taxpayers who resided in the United States can qualify for a reduced offshore penalty of 5%, with those who resided outside of the U.S. paying no penalty at all.

PTIN Holders Have No Right to Know If They Are Under Investigation

The Treasury Department announced a Final Rule this week to avoid having to reveal to PTIN holders the names of agencies that have requested their files. The purpose of the rule is to prevent these individuals from finding out that they are under investigation and destroying evidence. This new rules comes after reports that certain return preparers are taking advantage of taxpayers with limited English proficiency.

Swiss Banks Struggling to Get American Clients to Disclose to IRS

Prior to his death in 1980, Maurice Pinot opened a Swiss account with approximately $1 million, which would pay interest and dividends to his longtime companion, and after her death, to her daughter. That daughter, Micheline Fournie, an 81 year old French citizen with U.S. residency, is now resisting pressure from the bank to voluntarily disclose the account to the IRS.

Senate tax report suggests what Dems might like to reform

There doesn't seem to be a great deal of dispute among the politicos in Washington about whether the U.S. tax code needs reform or not. Just about everyone agrees it needs fixing. The question then becomes, just what is likely to be possible considering the current makeup of Congress and its recent history of inaction.

UBS Client Sentenced

A former UBS client has been sentenced to four months of incarceration and two years of supervised released by a federal court in Georgia. The internet entrepreneur was convicted of FBAR violations, stemming from his undeclared offshore accounts in Switzerland and other countries.

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