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 […]
As a pastor or a church council member, you know very well how important the tax break on clergy housing benefits is. To be sure, many ministers would probably trade the break for a FICA payroll-tax match from their employers and not having to pay self-employment tax. Not taxing a […]
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 […]
The IRS announced on Monday that it had started accepting and processing returns. You are probably starting to get appointments from early filer – refund clients. Preparing tax returns with Earned Income Tax Credit (EITC) refunds comes with delays this year. The IRS has taken a multi prong approach to […]
The earned income tax credit (EITC) is supposed to help people with low income, especially those with children, by providing a refundable tax credit. In recent years, however, the IRS has stepped up audits of returns that claim the EITC, after critics contended that the credit was awarded too freely. […]
As 2016 came to an end, you may have missed an announcement from the US Department of Justice. The Swiss Bank Program that started in the summer of 2013 has officially been completed. The Program provided an opportunity for Swiss banks to work with the DOJ to limit their exposure […]
It’s no secret that IRS service has suffered in recent years as the agency’s budget has been cut and cut again by Congress. In her annual report to Congress, the National Taxpayer Advocate, Nina Olson, marshals the numbers to show just how far the IRS’s headcount has fallen. The decline […]
Like other fields of human activity, tax law has its own specialized vocabulary. Sometimes the words used have very particularized meanings that require some explanation to make sense. Consider the term “border adjustments.” The term is in play because the U.S. House of Representatives is considering a plan that would, […]