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Offshore Accounts/International Tax Disputes Archives

Banking prosecutions expand to Cayman Islands

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 almost 80 banks.

Can you report a foreign bank account using Turbo Tax?

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.

Alaskan Plastic Surgeon Convicted of Offshore Tax Evasion

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 forfeit $4.6 million in seized funds.

IRS "50% Penalty" List Increased to 56 Foreign Banks

The IRS has added four more foreign financial institutions to its list of "Foreign Financial Institutions or Facilitators." Those who had accounts at one or more of these institutions are required to pay an increased penalty of 50% if they wish to participate in the Offshore Voluntary Disclosure Program (OVDP). The list is expected to continue to grow as the U.S. government continues its ongoing investigations of offshore tax evasion.

IRS Gives Preview of FATCA Reporting Form

The Internal Revenue Service has released a draft version of the form that will be used by foreign financial institutions (FFIs) to report information about U.S. accounts under the terms of the Foreign Account Tax Compliance Act (FATCA). Passed into law in 2010, FATCA requires foreign financial institutions to report information about U.S. account holders on an annual basis. The Treasury Department has since negotiated Intergovernmental Agreements (IGAs) with more than 100 countries to implement the provisions of FATCA, including most of the world's top tax havens.

Rand Paul and Expats Suffer Setback in Suit to Overturn FATCA

Senator Rand Paul and a group of American expatriates suffered a huge setback in their attempt to overturn the Foreign Account Tax Compliance Act (FATCA), as the judge denied their motion for preliminary injunction, saying that they lack standing for the suit and are unlikely to succeed on the merits.

Belize Next on IRS Radar

The IRS has served John Doe summonses to a number of banks in Belize, seeking information about American account holders, as the U.S. federal government continues its onslaught against offshore tax evasion. Long known as a tax haven, Belize has been a popular destination for wealthy individuals seeking to avoid taxes by holding assets offshore.

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