A law recently enacted by the U.S. government has caused many foreign banks to show their expatriate American customers the door. The new law, passed in March as part of the HIRE Act, targets tax evasion by requiring foreign financial institutions to reveal the identities of their American customers with […]
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IRS regulations mandate that all Americans file tax returns, even if they live, work and pay taxes in another country. This can be a significant problem if you have dual citizenship and have not filed a U.S. income tax form. Many persons with dual citizenship may be unaware they need […]
In 2008, the Justice Department began an investigation into HSBC, the London based bank. According to The New York Times, the investigation centers around HSBC’s sale of offshore tax services to American citizens. These offshore services are suspected, by the Justice Department, of hiding billions of dollars for clients, who […]
The term “Swiss bank account” has long been synonymous with secrecy and security. However, that reputation may be dwindling as another Swiss bank prepares to turn over information about U.S. account-holders to the Internal Revenue Service (IRS). The U.S. government is focusing on eradicating tax evasion by looking at taxpayers’ […]
In August (2009), Switzerland seemed to have reached an agreement with the American Internal Revenue Service (I.R.S.) regarding the disclosure of banking information on well over 4,000 American clients of UBS. It seemed a major win for the U.S. government, who had filed suit against UBS in February 2009 to […]
The Federal government, including the IRS, is engaged in intensifying efforts to increase collection of taxes on assets and income originating in other countries. U.S. citizens and permanent residents who have assets and income from abroad should be alert to the likelihood of being targeted in an audit. Take action […]
United States Investigation of Swiss Banking Giant UBS In June 2007, the United States government launched a civil and criminal investigation against Swiss banking giant UBS AG (“UBS”) and its U.S. account holders, many of whom had allegedly violated United States law by failing to disclose the existence of offshore accounts […]
U.S. Investigation of HSBC Recently, HSBC, one of the world’s largest banks, came under the microscope of the United States Department of Justice and the Internal Revenue Service. The investigation began when a Virginia doctor returning from Switzerland lied to customs agents who asked if the doctor had mailed any […]
German Investigation of Credit Suisse The United States has recently launched investigations of banks such as HSBC and UBS, preparing to take civil and criminal action against Americans with offshore accounts who fail to pay required U.S. taxes. Germany appears to be following the U.S. lead regarding enforcement in the […]
It is not illegal for U.S. citizens to have foreign bank accounts. There are many legitimate reasons for a U.S. taxpayer to maintain a foreign bank account, including confidentiality, portfolio hedging and asset protection. However, U.S. taxpayers who have offshore or foreign accounts must adhere to certain requirements. They must […]