Posts Tagged ‘FBAR reports’

U.S. Investigates Swiss Bank Rahn Bodner for Secret Accounts

Tuesday, September 17th, 2013

Another Swiss bank is experiencing the wrath of the U.S. Government’s focus on offshore tax cheats and revenue collection. A Reuters article titled: Another historic Swiss bank under U.S. tax spotlight reports that Swiss private bank Rahn & Bodmer is under investigation by U.S. authorities as part of a lengthy U.S. Swiss dispute over tax evasion.
The article provides a brief history of Rahn & Bodmer:

It is an old line Swiss
[Read More]

Offshore Tax Evasion-US and Swiss Make A Deal

Friday, August 30th, 2013

After just reporting two days ago about the Cayman Islands reaching an agreement with U.S. taxing authorities, the U.S. and Swiss have finally reached a compromise deal for how Swiss banks will report account data on their American clients to the IRS. An ABC News article titled “US, Swiss Reach Deal on American Tax Evaders” reported that this agreement between the two countries will no doubt expose those American taxpayers
[Read More]

Cayman Island Tax Haven No Longer Secret Due to FATCA

Wednesday, August 28th, 2013

First it was banks, now it is the offshore tax havens like the Cayman Islands who will no longer secretly shelter the assets of wealthy Americans. A Tax Connections article titled: “Caymans Makes it Tougher for Wealthy to Hide Money!” states that the Cayman Islands, a major financial center and home to operations for dozens of banks, funds and wealth-management entities, has made an agreement with the U.S. that it
[Read More]

Americans Living Abroad Renouncing US Citizenship

Tuesday, August 13th, 2013

A Wall Street Journal article titled: “U.S. Expats Balk at Tax Law” reports that the government’s quest to find tax evaders is prompting some Americans living in Asia and around the world to rethink their citizenship. Their biggest complaint: the increasing burden of paperwork required by Foreign Account Tax Compliance Act, or FATCA.
As per FATCA regulations foreign institutions are required to disclose the overseas assets of U.S. citizens and green-card
[Read More]

Tax Problems-What to Do if You Inherit Them

Monday, July 22nd, 2013

After recently writing a post about the estate of James Gandolfini, I ran across a follow-up article for Reuters by Amy Feldman titled: “What to Do When You Inherit a Tax Mess.” This article focuses on the types of tax mistakes people make when planning their estate that can inadvertently cause future tax chaos for beneficiaries.
Here are some key points about estate tax issues the article highlights:

Every one in 10
[Read More]

Swiss Adopt Plan to Cooperate with U.S. and Avoid Charges

Monday, July 15th, 2013

For anyone who still thinks that hiding money offshore in a Swiss bank account is a good idea, this next bit of news might have you reconsidering that notion. An article by USA Today titled: “Swiss seek to avert U.S. charges against banks” reports that Switzerland has finally adopted a plan that allows banks to hand over financial data to U.S. authorities seeking information about wealthy Americans suspected of offshore
[Read More]

What to Do if You Missed June 30 Business Tax Deadlines

Wednesday, July 3rd, 2013

April 15 is not the only tax filing deadline taxpayers need to be aware of. Tax expert Eva Rosenberg, aka TaxMama® reminds us in a post titled: Looming Deadlines that business owners changing employee classification and those with offshore bank accounts had until June 30th to file reports with the IRS in order to avoid hefty IRS penalties and fines.
Here is the important tax information TaxMama mentions:
Offshore bank accounts and
[Read More]

Fashion Moguls Dolce & Gabbana Convicted of Tax Evasion

Monday, June 24th, 2013

Long gone are the days of hiding money in offshore tax havens – the global recession has forced some European countries to clamor for tax revenue any way they can. A Reuters article titled: “Italian Designers Dolce and Gabbana Convicted of Tax Evasion” demonstrates just how vigorous the Italian government is going after fashion’s dynamic duo to collect unpaid taxes.
According to Reuters, just last week both Domenico Dolce and Stefano
[Read More]

Avoid IRS Tax Problems-Think Like a Tax Lawyer

Wednesday, May 22nd, 2013

Tax evasion is not just a problem for the wealthy. It’s a widespread issue that costs the government and honest Americans much needed revenues. Small businesses and sole proprietors are the largest contributors to the $450 billion tax gap (the difference between taxes reported and taxes paid) by skimming and under reporting their taxes. For their efforts, tax cheats are the focus of IRS scrutiny.
With IRS audits and aggressive IRS
[Read More]

Offshore Amnesty Programs Yield $5.5 Billion

Tuesday, April 30th, 2013

Government investigators reported that the Internal Revenue Service has recouped more than $5.5 billion for the voluntary disclosure programs. NPR sites an Associated Press article titled: Tax Cheats Pony Up $5.5 Billion in Amnesty Program highlights a Government Accountability Office (GAO) report that shows how through these programs the IRS was able to get people to come forward to report their offshore bank accounts and assets in exchange for reduced
[Read More]

Feds Still Coming After Unreported Offshore Account Holders

Thursday, March 7th, 2013

A recent Wall Street Journal article titled “Offshore Tax Probe Picks Up” shows the Feds continuing to go after Swiss banks both big and small. The government has also expanded their search for U.S. tax cheats in countries such as Israel, India, Singapore, China and elsewhere they believe citizens might be sheltering their secret accounts to evade paying taxes on them.
The article reports that on Monday Switzerland’s oldest private bank, Wegelin
[Read More]

IRS Getting Tougher on Undisclosed Bank Accounts

Wednesday, November 7th, 2012

If you have unreported foreign bank accounts and assets, you will want to rethink your current status when you see how high the IRS is raising the stakes. A recent Forbes article by Robert W. Wood titled “Forbes Undisclosed Foreign Bank Accounts? They’re Even More Explosive Now“ makes clear how the Agency is using its generous resources to go after and prosecute tax evaders who, in spite of several years
[Read More]

Offshore Account Disclosure and Your Spouse

Tuesday, July 17th, 2012

Most American citizens with offshore bank accounts know by now that they are obliged to report them to the IRS. Since 2009, the Offshore Voluntary Disclosure Programs (OVDP) have been instrumental in bringing hundreds of Americans including joint filing couples into tax compliance. But for couples, what happens to compliance if one spouse wants to participate in OVDP to come clean without the other spouse knowing? A Forbes article entitled
[Read More]

To Avoid Tax Issues-Americans Give Up Passports

Monday, May 14th, 2012

There is little doubt that wealthy Americans are under scrutiny for tax collection. Nowhere is this more obvious than for those who have offshore bank accounts. More U.S. citizens living abroad are deciding to renounce their U.S. citizenship instead of facing IRS tax problems concerning new U.S. tax regulations namely the Foreign Account Tax Compliance Act (FATCA) aimed at curbing tax evasion.
The subject of renouncing citizenship made front page headlines
[Read More]