by Igor Drabkin | Sep 20, 2012 | FBAR, Internal Revenue Service, Offshore Income
On September 17, 2012, Credit Suisse announced that it would transfer more information on its money management activities for wealthy Americans to the U.S. This information will include more names of Credit Suisse employees in an effort to settle a tax evasion probe... 
by Igor Drabkin | Sep 6, 2012 | FBAR, Internal Revenue Service, Offshore Income
As we previously discussed, in June of 2012, the IRS announced a new streamlined FBAR filing compliance procedure for non-resident U.S. taxpayers and dual citizens, recognizing that some of them were unaware of their US filing obligations and have failed to timely... 
by Igor Drabkin | Aug 31, 2012 | FBAR, Firm News, Internal Revenue Service
Igor Drabkin, one of the HS&D principals, will be speaking in an upcoming Strafford live web seminar, “FBAR and FATCA Update: Latest Foreign Account Reporting Developments”, on Wednesday, September 19, 2012. The program will focus on key recent... 
by Igor Drabkin | Jul 24, 2012 | FBAR, Internal Revenue Service, Offshore Income
The IRS recently released new Frequently Asked Questions (FAQs) for the 2012 Offshore Voluntary Disclosure Program (OVDP). The 2012 OVDP was announce in January of this year, and represents a third amnesty program rolled out by the IRS with respect to undisclosed... 
by Igor Drabkin | Jun 29, 2012 | FBAR, Internal Revenue Service, Offshore Income
Back in 2009, the IRS announced the first Offshore Voluntary Disclosure Program, intended to bring back into compliance US taxpayers with offshore assets and foreign bank accounts. In 2012, the third program was announced, with higher penalties and no deadline. ... 
by Igor Drabkin | Jun 19, 2012 | Criminal Tax, FBAR, Internal Revenue Service, Offshore Income
Since 2009, the IRS has been aggressively investigating many foreign financial institutions, with the intent to dig deep into offshore tax evasion. The IRS believed that many US taxpayers have been hiding assets from US authorities in foreign banks. Under the pressure...