by Igor Drabkin | Sep 19, 2013 | Criminal Tax, FBAR, Internal Revenue Service, Offshore Income
On September 18, 2013, the Department of Justice announced that Ty Warner, creator of Beanie Babies, was charged with federal tax evasion for allegedly failing to report income he earned in a secret offshore financial account he held with UBS in Switzerland. Warner... 
by Igor Drabkin | Jun 18, 2013 | FBAR, Internal Revenue Service, Offshore Income
Holtz, Slavett & Drabkin would like to remind that U.S. Taxpayers who have financial interest in, or signature authority over, foreign financial accounts, must file their FBARs by June 30, 2013. Under the requirements of the Banking Secrecy Act, 31 CFR 103.24,... 
by Igor Drabkin | May 6, 2013 | FBAR, Internal Revenue Service, Offshore Income
The Internal Revenue Service and the U.S. Department of Justice are expanding their investigation of offshore tax cheats to the Caribbean. Last week, a federal district court in California has authorized service of a “John Doe: summons for the records of U.S.... 
by Igor Drabkin | Apr 30, 2013 | FBAR, Internal Revenue Service, Offshore Income
According to the recently published report published by the U.S. Government Accountability Office (GAO), the Internal Revenue Service collected almost $5.5 billion from near 38,000 taxpayers who made voluntary disclosures through the IRS Offshore Voluntary Disclosure... 
by Igor Drabkin | Mar 7, 2013 | Criminal Tax, FBAR, Internal Revenue Service, Offshore Income
This week, many tax attorneys who work with Offshore Voluntary Disclosure cases were surprised by the change of position by the IRS with respect to some taxpayers with accounts at Bank Leumi in Israel. We and other tax practitioners received faxes from the Internal... 
by Igor Drabkin | Feb 18, 2013 | FBAR, Internal Revenue Service, Offshore Income
Continuing a U.S. crackdown on the offshore tax evasion, the U.S. Treasury Department said on Thursday that Switzerland and the United States have signed a pact to make Swiss banks disclose information about U.S. account-holders. The Inter-Government Agreement (IGA)...