by Gary Slavett | Jun 5, 2015 | FBAR, Internal Revenue Service, Offshore Income
By now, many taxpayers with foreign accounts have heard of the FBAR (Report of Foreign Bank and Financial Accounts) and the different penalties for failing to file the FBAR. However, many of our new clients are still not familiar with Form 8939 (Statement of Foreign... 
by Igor Drabkin | Jun 5, 2015 | FBAR, Internal Revenue Service
Holtz, Slavett & Drabkin would like to remind that U.S. Taxpayers who have financial interest in, or signature authority over, foreign financial accounts, which exceed $10,000 in total value, must file their Foreign Bank Account Reports (FBAR) on or before June... 
by Igor Drabkin | Jun 5, 2015 | FBAR, Internal Revenue Service, Offshore Income
On May 28, 2015, the Department of Justice announced that four additional Swiss banks reached Non-Prosecution Agreements (NPA) with the United States, pursuant to the Swiss Bank Disclosure Program. These banks include Société Générale Private Banking... 
by Igor Drabkin | Mar 3, 2015 | FBAR, Firm News, Internal Revenue Service, Offshore Income
Igor Drabkin’s article “International Reporting Penalties — What to Expect and How to Fight Them” was published in the January 2015 edition of the CCH Journal of Tax Practice and Procedure. The Journal of Tax Practice and Procedure is... 
by Igor Drabkin | Jan 14, 2015 | FBAR, Internal Revenue Service, Offshore Income
On December 30, 2014, the Internal Revenue Service updated its list of Foreign Financial Institutions or Facilitators, whose clients meet criteria for a 50% Penalty in the Offshore Voluntary Disclosure Program (OVDP). The list now includes: 1) UBS AG 2) Credit Suisse... 
by Igor Drabkin | Aug 6, 2014 | Criminal Tax, FBAR, Internal Revenue Service, Offshore Income
Another victory for the government in their fight against hidden offshore accounts was announced today in Los Angeles. Monajem Hakimijoo (aka Manny Hakim), a Beverly Hills, California resident, was sentenced today in the U.S. District Court for the Central District...