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)... 
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...