The IRS announced that its popular Offshore Voluntary Disclosure Program (OVDP) will remain open on an indefinite basis, while warning taxpayers that identifying individuals with undeclared offshore accounts remains one of the agency’s top priorities. In 2009, the IRS announced its first Offshore Voluntary Disclosure Initiative (OVDI), which gave taxpayers […]
Category: Offshore Accounts/International Tax Disputes
The IRS has announced its annual “Dirty Dozen” list of tax scams, which are areas of enforcement that the agency will focus on in 2015. Once again, the list includes undisclosed offshore accounts, which has been a top priority since 2009. Since 2009, the Department of Justice has indicted more […]
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 […]
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 […]
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 […]
A little under a year ago there were more than 100 Swiss banks clawing their way into the U.S. Justice Department’s no prosecution agreement. The deadline to sign up was New Years’ Day 2014. Banks who were able to meet the deadline were guaranteed no conviction or closure, no disgrace, […]
The former head of UBS AG (UBSN)’s global wealth-management business, Raoul Weil, referred to accounts hidden by U.S. clients from the Internal Revenue Service as “toxic waste,” at his tax-conspiracy trial. Martin Liechti, a former UBS banker cooperating with prosecutors, told federal jurors in Fort Lauderdale, Florida, that Weil became […]
Fashion designers Domenico Dolce and Stefano Gabbana are breathing sighs of relief after being cleared by Italy’s highest court of tax evasion charges Friday, bringing an end to one of the country’s highest profile tax cases in recent years. The designers have been in a constant battle since June 2013 […]
Switzerland, a country long known for its bank secrecy laws, is attempting to fight that reputation by playing a leading role in the effort to return stolen state assets. Valentin Zellweger, a legal adviser at the Swiss foreign ministry, said the country has been working on returning stolen assets for […]
Deutsche Bank AG’s Swiss unit has entered a U.S. Justice Department self-reporting program for banks that believe they may have aided Americans in the evasion of taxes. Under the program, Deutsche Bank’s Swiss operation has the ability to escape prosecution by disclosing previously undeclared U.S. accounts. While the bank may […]