A few years back, we discussed that the U.S. Supreme Court decision on February 21, 2012 decided that lawful permanent residents who have pled guilty to charges related to the filing of false tax returns that resulted in a loss to the government of more than $10,000 have committed aggravated felonies involving fraud or deceit and are subject to deportation (Kawashima v. Holder, U.S., No. 10-577, 2/21/12).
Tag Archive for Voluntary Disclosure
You Are Invited To Be Part of Internet History…
Join TaxConnections as we present incredible Tax Experts on Expatriate Day at the Internet Tax Summit on Monday, September 21, 2015 beginning at 7:30AM (PDT).
Listen to stories from Expatriates around the world and learn from these Tax Experts about what to do to stay compliant with U.S. Tax Laws. Learn about FBAR, FATCA, Amnesty or Quiet “Voluntary Disclosure” of Foreign Bank Accounts, Exit Taxes and so much more. Read more
We originally posted Court Authorizes IRS to Issue Summonses For Records of U.S. Taxpayers Who Used Sovereign Management & Legal Ltd. to Conceal Offshore Accounts, Assets or Entities which discussed that on December 19, 2014 the DoJ announced that U.S. District Judge Vernon S. Broderick entered an order on December 18, 2014 authorizing the IRS to issue summonses requiring:
1. Federal Express Corporation, doing business as FedEx Express,
2. FedEx Ground Package System Inc., aka FedEx Ground,
3. DHL Express (DHL),
4. United Parcel Service Inc. (UPS),
5. Western Union Financial Services Inc., Read more
A tax crime is complete on the day the false return was filed.
It is a federal crime for anyone to knowingly and willfully file an income tax return that he or she knows to be false in some material way. 26 U.S.C. § 7207 provides:
Any person who willfully delivers or discloses to the Secretary any list, return, account, statement, or other document, known by him to be fraudulent or to be false as to any material matter, shall be fined not more than $10,000 ($50,000 in the case of a corporation), or imprisoned not more than 1 year, or both. Any person required pursuant to section 6047 (b), section 6104(d), or subsection (i) or (j) of section 527 to furnish any information to the Secretary or any other person who willfully furnishes to the Secretary or such other person Read more
Thousands of Credit Suisse Group AG’s United States clients still don’t know whether tax authorities will learn their identities as prosecutors work to conclude a three-year probe of how the bank helped them evade taxes.
We posted on February 27, 2014, Report to Congress: Credit Suisse Help US Taxpayers Hide Billions in Offshore Accounts! where we discussed the Permanent Subcommittee on Investigations (PSI) of the United States Senate held a hearing, “Offshore Tax Evasion: The Effort to Collect Unpaid Taxes on Billions in Hidden Offshore Accounts,” on Wednesday, February 26, 2014.
The PSI hearing’s stated purpose of continuing the PSI’s examination of tax haven bank Read more
Picture this: You are sitting behind your desk when your phone rings. No, it’s not your spouse calling to find out why you are late for dinner. Although if that was the first thing that came to mind, there might be some hidden meaning in it. Instead, it is a new client. His name is John. John is a resident of New Jersey. John contacts you for advice regarding foreign, unreported bank accounts in the Netherlands. You recommend that John apply to the Offshore Voluntary Disclosure Program.
As part of this process, you file amended federal income tax returns on John’s behalf. John then pays a whopping 27.5% offshore penalty on the highest aggregate balance in his foreign bank accounts during an eight-year look-back period. Finally, John pays additional taxes and penalties for each of the preceding eight years. Read more
The United States Justice Department has received 106 requests from Swiss entities to participate in a settlement program aimed at ending a long-running probe of tax-dodging by Americans using Swiss bank accounts according to a senior US official.
We first posted “Swiss Banks Agree to Plan to End Past US Tax Evasion Issues!” on August 29, 2013, where we discussed that Swiss banks were ready to pay hefty fines for sheltering United States tax fugitives under the terms of a new deal given the green light by the Swiss government.
Kathryn Keneally, a senior official of the United States DOJ’s tax division, said the department was ‘gratified’ by the response to the offer, although it does not expect that all Read more