by Igor Drabkin | Mar 8, 2016 | Criminal Tax, FBAR, Internal Revenue Service, Offshore Income
Showing that the fight against secret offshore bank accounts is truly global, the Department of Justice and the Internal Revenue Service are trying to force a Singapore bank to disclose its information about an account held by a U.S. citizen residing in China. In the... 
by Igor Drabkin | Nov 3, 2015 | FBAR, Internal Revenue Service, Offshore Income
Foreign Account Tax Compliance Act (FATCA) was enacted in 2010 by Congress to target non-compliance by U.S. taxpayers using foreign accounts. FATCA requires foreign financial institutions (FFIs) to report to the IRS information about financial accounts held by U.S.... 
by Igor Drabkin | Oct 19, 2015 | Criminal Tax, FBAR, Internal Revenue Service, Offshore Income
On October 16, 2015, right after the 2014 tax filing season had completed, the Internal Revenue Service issued a report on the Offshore Voluntary Disclosure Procedures, urging the taxpayers with still undisclosed foreign accounts to come forward, or face serious... 
by Igor Drabkin | Sep 24, 2015 | FBAR, Offshore Income
In a sign that the U.S. tax authorities are expanding their fight against secret offshore bank accounts, on September 16, 2015, a federal district court in Miami, Florida, granted a petition of the U.S. Department of Justice to issue IRS summonses to two Belize banks,... 
by Igor Drabkin | Aug 21, 2015 | Criminal Tax, FBAR, Internal Revenue Service, Offshore Income
We have blogged about important cases related to crackdown on offshore accounts, involving US taxpayers and foreign bankers. In a recent case, the government prosecuted two tax return preparers with offices located in California, Maryland and New York, for assisting... 
by Igor Drabkin | Jul 10, 2015 | FBAR, Internal Revenue Service, Offshore Income
We have previously posted news about more foreign banks reaching non-prosecution agreements with the Department of Justice, resulting in the turn over of U.S. account holders’ information to the U.S. authorities. In fact, the list of the banks on the IRS list...