by Igor Drabkin | Jan 31, 2013 | Criminal Tax, FBAR, Internal Revenue Service, Offshore Income
On January 28, 2013, U.S. District Judge William H. Pauley III entered an order authorizing the Internal Revenue Service to issue a summons requiring UBS AG (“UBS”) to produce information about U.S. taxpayers who may hold accounts at the Swiss bank Wegelin & Co.... 
by Igor Drabkin | Jan 15, 2013 | FBAR, Internal Revenue Service, Offshore Income
The National Taxpayer Advocate (NTA) Nina Olson has released her 2012 Annual Report to Congress. In it, among other issues of concern, she criticized IRS practices in the Offshore Voluntary Disclosure Program (OVDP), which in NTA’s opinion, hinder voluntary... 
by Igor Drabkin | Jan 11, 2013 | FBAR, Internal Revenue Service, Offshore Income
First the Swiss, now the Israeli banks are feeling the pressure by the Internal Revenue Service. Israeli Bank Leumi is pushing US clients to disclose tax information to US authorities. Leumi is encouraging US clients to enter into the IRS Offshore Voluntary... 
by Igor Drabkin | Jan 4, 2013 | Criminal Tax, FBAR, Internal Revenue Service, Offshore Income
Wegelin & Co, the oldest Swiss private bank, will shut down permanently after more than 250 years of operations, following its guilty plea to U.S. charges of helping Americans to evade taxes through secret accounts. The plea was entered in the U.S. District Court... 
by Igor Drabkin | Dec 14, 2012 | FBAR, Internal Revenue Service, Offshore Income
The United States and Ireland have reached an anti-tax evasion pact to share information about wealthy citizens’ financial accounts. This agreement is another step in a series of bilateral deals announced in recent weeks by the U.S. Treasury Department. These... 
by Igor Drabkin | Oct 26, 2012 | FBAR, Internal Revenue Service, Offshore Income
A lot of angst has been building within the tax and finance communities with respect to the upcoming implementation of the Foreign Account Tax Compliance Act (FATCA). The new rules involve forcing banks and financial institutions to provide more information about US...