TaxConnections


 

Tag Archive for disclosures

Offshore Compliance Programs Generate $8 Billion

Ronald Marini picture29
IRS Urges People to Take Advantage of Voluntary Disclosure Programs… You Think?

The IRS released IR-2015-116 on Oct. 16, 2015, to remind U.S. taxpayers with undisclosed offshore accounts, that with more than 54,000 taxpayers coming in to participate in offshore disclosure programs since 2009, they should strongly consider existing paths established to come into full compliance with their federal tax obligations.

Both the Offshore Voluntary Disclosure Program (OVDP) and the streamlined procedures enable taxpayers to correct prior omissions and meet their federal tax obligations while mitigating the potential penalties of continued non-compliance. There are also separate procedures for those who have paid their income taxes but omitted Read more

Oh Oh, We Are Half Way There … 50 Swiss Banks Are Turning Over Their US Client’s Names

Ronald Marini picture9

The number of Swiss banks that have entered deferred prosecution agreements with the U.S. government keeps growing. The IRS keeps updating its list of foreign banks where the holders of these offshore accounts are 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 September 17, 2015 we posted “48 Swiss Banks Are Turning Over Their US Client’s Names”, well make that 50 now. The IRS recently added St. Galler Kantonalbank AG (SGKB) and E. Gutzwiller & Cie, Banquiers on 9/17/15. The complete list is as follows, as of 9/17/15: Read more

TaxConnections