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June 2015 Archives

Offshore enforcement update, part 2: Swiss banks and non-prosecution agreements

In the first part of this post, we began discussing how federal regulators use non-prosecution agreements (NPAs) and deferred prosecution agreements (DPAs) to resolve various legal compliance concerns. In the tax community, this has particularly been the case with offshore accounts.

No, it is Not Illegal to Withdraw Less than $10,000 from Your Bank Account

Recently, there have been many stories involving people being prosecuted - or assets being seized - due to withdrawals or deposits being conducted at the bank in amounts less than $10,000. Most noteworthy is the example of former House Speaker Dennis Hastert, who was recently indicted for it. These reports have led to a great deal of concern about what the law really says about engaging in bank transactions under $10,000.

California Says Uber Driver is Employee

California's Division of Labor Standards Enforcement (DLSE) recently held that an Uber driver is an employee, rather than an independent contractor, in a decision that could have far-reaching ramifications for the popular and quickly expanding app-based car service. Uber has appealed the ruling.

Several More Swiss Banks to Turn Information Over to US

Rothschild Bank AG and Banca Credinvest SA are the two latest Swiss Banks to settle with U.S. authorities as part of the Department of Justice's ongoing Swiss Bank Program. In exchange for non-prosecution agreements, the banks will pay fines and turn over detailed information about their American clients.

US Authorities Indict FIFA Officials, Seek Extradition

The Department of Justice has unsealed a 47 count indictment against 14 individuals related to allegations of FIFA corruption, including charges of tax fraud, money laundering, wire fraud, and racketeering. As part of the alleged conspiracy spanning 25 years, the co-conspirators used false consulting agreements to disguise the illicit payment of bribes, as well as the use of shell entities and numbered bank accounts in various tax havens around the world.

Offshore enforcement update, part 1: What is a non-prosecution agreement?

In recent years, increased U.S. enforcement of offshore account reporting requirements has not only affected individual taxpayers. Foreign financial institutions have also been deeply affected. Swiss banks, historically a haven for undisclosed accounts, have come under particular scrutiny.

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