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IRS Assesses Another 150% Civil FBAR Penalty

The IRS has asserted multiple maximum civil FBAR penalties against Ashvin Desai, who failed to disclose the existence of offshore accounts or report interest income from the accounts on his tax returns. Desai, a sixty-four year old born in Mumbai, India, was sentenced last week to six months of imprisonment […]

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HIRE Act Forces American Expats into Financial Exile

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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Dual Citizenship and FBAR: Do You Need To File?

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 […]

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Department of Justice Examining HSBC’s Offshore Activity

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 […]

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Credit Suisse Handing Over U.S. Account-Holder Information

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’ […]

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Offshore Accounts/International Tax Disputes

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 […]

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