Tag Archives: ovdi

September 16, 2011.  Exclusive: U.S. tax-evasion probe turns to Israeli banks (Reuters) – The U.S. pursuit of offshore tax evaders is widening to include Israel, where U.S. authorities are scrutinizing three of Israel’s largest banks over suspicions their Swiss outposts …

Read More >>

September 16, 2011.  IRS Collects $2.7B via Offshore Amnesty (Bloomberg). The Internal Revenue Service has taken in a total of $2.7 billion from holders of offshore bank accounts, the agency said as it announced that 12,000 taxpayers responded to the …

Read More >>

September 15, 2011.  IR-2011-94 IRS Shows Continued Progress on International Tax Evasion WASHINGTON — The Internal Revenue Service continues to make strong progress in combating international tax evasion, with new details announced today showing the recently completed offshore program pushed …

Read More >>

August 29, 2011.  Whatcha Gonna Do When They Come For You?  IRS CID Stepping Up Its Act (Forbes).  One of my persistent comments is that there are  two distinct areas of tax practice – determination of the correct tax and …

Read More >>

August 26, 2011.  Going Quietly Into The Night May Not Be The Best Idea For U.S. Citizens Living Abroad (Forbes).  Apparently, there are a large number of U.S. citizens living outside the United States as well as a large number of …

Read More >>

August 19, 2011.  IRS OVDI Offers Penalty Relief For Dual Citizens (Forbes).  IRS Offshore Voluntary Disclosure Initiative Program Offers Substantial Penalty Relief for Dual Citizens – But Taxpayers Must Apply Before August 31, 2011.  Background.  For a variety of reasons, …

Read More >>

August 9, 2011. Is Foreign Account Ignorance Bliss? (Forbes). Should you enter the IRS’s OVDI program for foreign account disclosures if you didn’t intentionally violate the law? I’m asked this question frequently. For all the publicity surrounding the IRS foreign …

Read More >>

August 4, 2011.  IRS Amnesty: What’s Required By 8/31/11? (Forbes).  Although August may not be a good time to be in Washington, DC, it’s a great time to get your tax affairs in order.  The IRS offshore account program called …

Read More >>

August 4, 2011.  Tick, Tock, Tax – IRS Amnesty Program’s August 31 Deadline Is Approaching Fast (San Francisco Chronicle).  Set to expire on August 31, 2011, with no hint of another such program to come, the time is now to …

Read More >>

August 3, 2011.  More Tax Evasion News From Miami (South Florida Business Journal).  When the feds announced new charges against a former UBS banker on Tuesday, I wasn’t surprised to see Miami in the news release.  Martin Lack, a former …

Read More >>

August 2, 2011.  Tax Amnesty Goes Hollywood (Forbes).  Taxpayers with undisclosed foreign accounts worry about entering the IRS’s Offshore Voluntary Disclosure Initiative (OVDI).  But it’s not too late.  The August 31 deadline is rapidly approaching, but an extension (until the …

Read More >>

July 21, 2011.  E-Filing And Other FBAR Quirks (Forbes).  You may fear the IRS.  But it is the Financial Crimes Enforcement Network—also known as FinCEN—that is responsible for FBAR (Report of Foreign Bank and Financial Accounts) filing and administration.  FinCEN’s …

Read More >>

July 19, 2011.  Credit Suisse In Justice Department Crosshairs (Forbes).  Let’s see, first there was UBS.  Then HSBC.  Now it’s Credit Suisse’s turn with the IRS and federal prosecutors.  Foreign financial institutions are probably all hoping they won’t join this …

Read More >>

July 15, 2011.  Please Sir, Can I Have Some More FATCA? (Forbes).  Americans may be too fat, but it’s foreign financial institutions (FFIs) that are hoping to shed pounds of IRS disclosure and tax withholding problems.  Why are FFIs FATCA …

Read More >>

July 12, 2011.  Senate Bill Seeks To Raise Revenue By Closing Tax Havens (New York Times). With officials in Washington struggling over a deal to cut the nation’s deficit, two senior Senate Democrats on Tuesday urged the federal government to …

Read More >>