by Igor Drabkin | Sep 15, 2009 | Criminal Tax, FBAR, Offshore Income
We would like to remind everyone that the IRS Voluntary Disclosure Program for offshore bank accounts and Foreign Bank Account Report (“FBAR”) is going to expire next week, on September 23, 2009. U.S. taxpayers (individuals and entities) who have foreign... 
by Gary Slavett | Sep 10, 2009 | FBAR, Offshore Income
On August 25, 2009, the IRS updated its FAQs to the Offshore Voluntary Disclosure Program (“VDP”) to include additional information regarding UBS Account holders and their eligibility to participate in the offshore VDP. As part of the agreement with the Switzerland... 
by Igor Drabkin | Aug 26, 2009 | FBAR, Offshore Income
On August 19, 2009, the IRS and UBS AG, one of the major Swiss banks, announced the terms of the settlement reached in a “John Doe” summons enforcement case brought by the U.S. Government to reveal the names of American account holders of UBS Swiss... 
by Igor Drabkin | Aug 11, 2009 | FBAR
The IRS issued a new notice, Notice 2009-62, 2009-35 IRB, which extends the due date for filing Form TD F 90-22.1 (Report of Foreign Bank and Financial Accounts (FBAR)) in certain cases. The extension applies only to the following individuals: (i) persons with... 
by Igor Drabkin | Aug 4, 2009 | FBAR, Internal Revenue Service, Offshore Income
The United States government has been pressing UBS AG, one of the Switzerland’s largest banks, to release the names of a reported 52,000 wealthy Americans with accounts at the bank. Federal authorities suspect that some U.S. taxpayers may be using accounts at UBS to... 
by Gary Slavett | Jul 29, 2009 | Criminal Tax, FBAR, Internal Revenue Service, Offshore Income
July 28, 2009 – The U.S. Department of Justice and the IRS announced today that Jeffrey P. Chernick, of Stanfordville, N.Y., pleaded guilty to charges of filing a false tax return. Chernick, who owns a corporation which represents toy manufacturers in China and...