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... 
by Igor Drabkin | Sep 20, 2012 | FBAR, Internal Revenue Service, Offshore Income
On September 17, 2012, Credit Suisse announced that it would transfer more information on its money management activities for wealthy Americans to the U.S. This information will include more names of Credit Suisse employees in an effort to settle a tax evasion probe... 
by Igor Drabkin | Sep 6, 2012 | FBAR, Internal Revenue Service, Offshore Income
As we previously discussed, in June of 2012, the IRS announced a new streamlined FBAR filing compliance procedure for non-resident U.S. taxpayers and dual citizens, recognizing that some of them were unaware of their US filing obligations and have failed to timely... 
by Igor Drabkin | Jul 24, 2012 | FBAR, Internal Revenue Service, Offshore Income
The IRS recently released new Frequently Asked Questions (FAQs) for the 2012 Offshore Voluntary Disclosure Program (OVDP). The 2012 OVDP was announce in January of this year, and represents a third amnesty program rolled out by the IRS with respect to undisclosed...