Tag Archive for Banks

93 Swiss Banks Are Turning Over Your Names To The IRS – What Are Your Waiting For?

Ronald Marini

The IRS keeps updating its list of foreign banks which are turning over the names of their US Account Holders, who are now subject to a 50% (rather than 27.5%) penalty in the IRS’s Offshore Voluntary Disclosure Program (OVDP). This penalty is based on the highest account balance measured over up to eight years.  On January 25, 2016 the Justice Department Announced that Leodan Privatbank AG (Leodan) is the 93rd Swiss Bank to reached a resolution under the department’s Swiss Bank Program.

Under the program, banks are required to:

Make a complete disclosure of their cross-border activities; Read more

Australian Tax Office Information Gathering Guide

The Australian Tax Office (ATO) recently released a guide on their approach to information gathering. The quite comprehensive 53 page guide provides an insight to both the principles adopted by the ATO in exercising their powers and the considerable extent of those powers.

Australia’s Income Tax Assessment Act 1936 (ITAA 36) confers many of the relevant information gathering powers. These powers include both the power to give formal notices requiring information to be provided and formal access powers.

For example, §263 of ITAA 36 allows an authorized ATO officer to “…at all times have full and free access to all buildings, places, books, documents and other papers” and to Read more

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