by Igor Drabkin | Jun 26, 2014 | Criminal Tax, FBAR, Internal Revenue Service, Offshore Income
Last week the IRS announced major changes to the Offshore Voluntary Disclosure Program (OVDP). These changes include some good news for taxpayers who non-willfully failed to comply with Foreign Bank Account Reporting (FBAR), but also include a higher penalty (50% of... 
by Igor Drabkin | Jun 2, 2014 | FBAR, Internal Revenue Service, Offshore Income, Tax Collection
The issue of FBAR penalties often is raised in our practice by prospective clients who consider entering into the Offshore Voluntary Disclosure Program (OVDP). One of the questions is whether the IRS can realistically go after the penalty, which is more than 27.5% of... 
by Gary Slavett | Jan 16, 2014 | Criminal Tax, Internal Revenue Service
No prison time for Beanie Babies founder Ty Warner despite the fact that he pleaded guilty to tax evasion related to hiding more than $100 million in a UBS Swiss bank account. On January 14, 2014, U.S. District Court Judge Charles Kocoras sentenced Ty Warner to two... 
by Igor Drabkin | Dec 17, 2013 | Criminal Tax, FBAR, Internal Revenue Service, Offshore Income
On August 29, 2013, the U.S. Department of Justice and the Swiss Federal Department of Finance issued a joint statement, announcing a Program for Swiss Banks, which encouraged the banks to come clean in exchange for a Non-Prosecution Agreement by the U.S. government. ... 
by Igor Drabkin | Oct 29, 2013 | Criminal Tax, FBAR, Internal Revenue Service, Offshore Income
In the most recent case of government’s crackdown on offshore tax evasion, a Florida psychiatrist, who together with her husband founded two Caribbean medical schools, was found guilty of conspiring to defraud the Internal Revenue Service and filing false tax...