Have you recently moved from China or India to the United States for a new career opportunity? Are you an American living abroad? You need to report all foreign bank accounts, if at any point in the 2015 the aggregate value of your accounts exceeded $10,000. Failing to report overseas […]
Category: Offshore Accounts/International Tax Disputes
The global media has about exhausted the number of angles they can report on the so-called “Panama Papers.” The leak has become synonymous with using offshore accounts and companies to avoid tax obligations. Offshore accounts have been in and out of the news. The prosecution of Swiss bank giant UBS […]
One way is prosecuting banks that have allegedly helped taxpayers avoid their U.S. tax liabilities. For instance, the Swiss Bank Program required banks to pay hefty fines and disclose information on accounts held by U.S. persons as part of non-prosecution agreements. Whistleblowers are another. Since 1867, the Treasury Secretary has […]
April 15 has become synonymous with tax day in the United States. This year is a little different, because the Internal Revenue Service is celebrating Emancipation Day. Public employees in Washington D.C. get the day off or the closest day when the April 16th holiday falls on a weekend. As […]
The best answer we can provide is probably not. If you owe a significant tax debt, your passport could soon be in jeopardy. A provision in the FAST Act granted the Internal Revenue Service another tax collection tool: the ability to revoke, deny or limit passports. The law requires the […]
For the past decade U.S. government investigators have been ferreting out hidden financial accounts across the world. Much has been written about Department of Justice agreements with Swiss banks starting with UBS. Last year, the agency finalized the last of the non-prosecution agreements under the Swiss Bank Program that involved […]
The most recent answer from the Court of Appeals for the First Circuit is yes. Why can’t you claim a Fifth Amendment privilege against self-incrimination? The answer is the required records exception, which we will discuss in this post. What is the background? The Bank Secrecy Act regulates offshore banking. […]
Staying abreast of changes in reporting requirements on foreign accounts has been a significant agenda item for anyone who works in the banking field. The signature authority rules have even resulted in overlapping requirements. Proposed regulations would clarify some of the rules for filing Reports of Foreign Bank and Financial […]
Going through the prompts on Turbo Tax is straightforward until you reach the question about whether you have a foreign bank account. If you answer yes, you need to understand that the failure to disclose could open you to serious civil penalties. You can no longer file the Report of […]
The Department of Justice announced the conviction of an Alaskan doctor who used secret accounts in Costa Rica to hide assets from his wife, as well as to evade U.S. taxes. At his sentencing next March, he faces a maximum of 20 years imprisonment. He could also be forced to […]