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Offshore Accounts/International Tax Disputes Archives

IRS 2015 Priorities Include Uncovering Offshore Accounts

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.

Offshore Voluntary Disclosure Program to Remain Open Indefinitely

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.

New York CEO Pleads Guilty to Hiding Millions in Swiss Accounts

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 represents 50% of the highest value in the foreign accounts.

Taxpayer Advocate Criticizes IRS Offshore Compliance Efforts

In her annual report to Congress, National Taxpayer Advocate Nina Olson sharply criticized the IRS for its unfair application of FBAR penalties, as well as its treatment of innocent taxpayers who were unaware of the FBAR filing requirements. The report also recommends that the threshold for filing an FBAR, which has been set at $10,000 since 1970, be raised to $50,000.

Fugitive Swiss Banker to Appear in US Court

A former client advisor at Bank Frey & Co. AG has agreed to personally appear in a United States District Court in New York to face charges that he conspired with American clients to help them evade taxes, after a federal judge denied his request to first have conditions of bail set. Stefan Buck is one of more than twenty Swiss bankers who have been indicted but are currently considered fugitives.

Atlanta CEO Convicted of Hiding Assets in Swiss Accounts

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 amount of $250,635.

Prominent Swiss Banker Acquitted by South Florida Jury

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 shell corporations to conceal accounts owned by American clients.

Swiss Banks Struggle With Non-Prosecution Agreement

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, just a few penalties and a slap on the wrist. Fast forward 10 months, and now more than 70 of these banks are pushing back against the rigid deal, which includes a harsh non-prosecution agreement.

Ex-UBS Banker Testifies Against Former UBS Chief Executive

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.

Italian Designers Cleared of Tax Evasion Charges, Setback for Italian Prosecutors

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.

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