Since 2009 the IRS campaign against unreported income and undisclosed foreign accounts has morphed from a focus on Swiss banks and large accounts to a kind of everyman’s tax disclosure. But keep in mind that just like when the net is lowered into the water it catches all sizes of fish – the IRS states no undisclosed foreign account is too small to avoid penalties. Many people have problems sleeping because of Foreign Account Tax Compliance Act (FATCA) and the filing requirements of Foreign Bank Account Reporting (FBAR).
FATCA was enacted in 2010 and the IRS has touted that FATCA has been successful so far. The IRS states they have collected US$6.5 billion and they reasonably believe that Read More
Soon after my vacation leave from Dubai on June 8th, the IRS announced new procedures that will help many Americans with overseas accounts and assets. Many of you may already know that the IRS sent the good news on June 18th by announcing far more practical methods of achieving tax compliance for US persons with regard to their offshore accounts or assets. I am still away from Dubai on vacation but wanted to alert my readers of the new developments.
While the new “Streamlined” procedures may sound somewhat simple, I caution readers to be very careful and to obtain sound advice with regard to using these new “Streamlined” procedures. Read More
Swiss authorities have been working with the United States since 2009 to ensure its banks are no longer utilized as a haven for United States tax evasion. Swiss government officials and banks have continued to cooperate with the United States in uncovering illegal activities and changing business operations. Most recently, Credit Suisse pleaded guilty to a criminal charge for its role in assisting American’s with tax evasion, resulting in an agreement to pay $2.6 billion in penalties but without a requirement to provide names of the United States clients who may have used the Credit Suisse Bank to hide money from the Internal Revenue Service.
For more information, read the DOJ Press Release.