Tax Blog and News
Deadline for Offshore Voluntary Disclosure Initiative is Near
In a recent announcement, the IRS is reminding taxpayers that the deadline for the 2011 Offshore Voluntary Disclosure Initiative (OVDI) will expire on August 31, 2011. Taxpayers that fully comply with the 2011 OVDI will avoid criminal prosecution and will be able to...
Swiss Government Adopts New Standards On Bank Secrecy and Tax Offenses
On Wednesday, July 6, 2011, the Swiss government adopted standards on banking secrecy laid out by the Organization for Economic Cooperation and Development, or OECD, which will allow foreign authorities to pursue citizens suspected of using hidden Swiss accounts for...
HSBC India Client Indicted for Filing False Tax Returns and Failing to Report Foreign Bank Account
July 8, 2011 - The Department of Justice and the Internal Revenue Service (IRS) announced on June 28, 2011, that Dr. Arvind Ahuja of Wisconsin was indicted on four counts of willfully filing materially false tax returns and four counts of failing to file Reports of...
Indian-Americans seek review of FBAR rules and 2011 OVDI
The Hindu Business Line has reported that the Global Organization of People of Indian Origin (GOPIO) has requested that the Treasury Department review the Foreign Bank and Financial Accounts Report (FBAR) rules. In its request, the GOPIO said the recent decision of...
IRS Extends FBAR Filing Deadline for Certain Individuals
In Notice 2011-54, the IRS has extended the deadline for persons who have signature authority over, but no financial interest in, foreign financial accounts to file Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR). They now have until November...
Igor Drabkin Named 2011 Rising Star by Super Lawyers
Holtz, Slavett & Drabkin congratulates Igor Drabkin on being selected as a Rising Star® in the field of Tax Law by Super Lawyers for the third consecutive year. The Rising Star® distinction recognizes the “top up-and-coming attorneys” in Southern California. The...
IRS Posts New Frequently Asked Questions for the 2011 OVDI Program
On June 2, 2011, the IRS posted several new frequently asked questions (FAQ) related to the 2011 Offshore Voluntary Disclosure Initiative (OVDI). 90-Day Extension to Submit Documents In Q. 25.1, the IRS said that it will allow taxpayers to ask for a 90-day extension...
U.S. Prosecutes a HSBC Client After “Quiet Disclosure” of Offshore Account
With the deadline to participate in the 2011 Offshore Voluntary Disclosure Initiative (OVDI) approaching, the U.S. government decided to prosecute a taxpayer who made a so-called "quiet disclosure" of his offshore account at HSBC. The U.S. filed a criminal...
IRS and Department of Justice Target HSBC in New Tax Probe
On April 7, 2011, the U.S. Justice Department asked a federal district court in San Francisco to force HSBC USA to disclose the names of their U.S. customers suspected of having secret bank accounts in India. The government filed a petition with the court to allow the...
Tax Attorney Gary Slavett Wins EDD Worker Classification Appeal before the CUIAB
Holtz, Slavett & Drabkin is proud to announce that tax attorney Gary Slavett successfully litigated an appeal before the California Unemployment Insurance Appeals Board (CUIAB) in a worker classification case. Following a year-long audit covering three years, the...