Posts Tagged ‘offshore tax settlement’

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
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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
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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
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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
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Businessman Pleads Guilty to Hiding Offshore Accounts

Monday, July 22nd, 2013

In a previous blog post, I noted that since 2009, the IRS has collected $5.5 billion in unpaid taxes and IRS penalties through the amnesty programs it offered. With offshore tax collection a major government focus, it’s hard to imagine anyone attempting to conceal offshore assets. Yet a recent article by Accounting Today titled: “Businessman Pleads Guilty to Not Declaring Israeli Bank Account on Tax Return” reports on a man
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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
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Offshore Bank Account Filing Deadline June 17

Monday, June 3rd, 2013

A recent IRS Press Release aims to remind taxpayers with foreign bank accounts and assets that their filing deadline to report them to the IRS is June 17, 2013. This applies to U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2012 and military personnel outside the country. Also, some U.S. citizens abroad may be required to submit
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IRS Budget Cuts Hurt Offshore Tax Collection

Thursday, May 2nd, 2013

I recently wrote a post for the Tax Matters blog about a newly released Government Accountability Office (GAO) report showing IRS budget cuts forcing the furlough of 100,000 employees therefore reducing the ability to audit taxpayers at the same rate. A Huffington Post article titled: “Offshore Tax Havens: Sequestration Damages IRS Battle with Tax Evasion“ provides additional GAO report information shining a light on how the sequester/IRS budget cuts will
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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
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IRS Releases 2012 Data Book

Monday, April 1st, 2013

Thanks to Frank Byrt at The Street, we learned that the IRS announced the release of their “2012 Internal Revenue Service Data Book [1],” This annual report provides an overview of agency activities, including information and statistical tables dating from October 1, 2011, to September 30, 2012. The report provides helpful data and information on the following: returns filed, taxes collected, enforcement actions, taxpayer assistance, IRS budget and workforce, and
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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
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Tax Resolution News Round Up

Friday, February 1st, 2013

This week was a busy one for tax relief news topics. Here are highlights of the ones we covered on the Tax Resolution University Blog:
Tax Fraud/Tax Schemes and Identity Theft
The tax season officially began on January 30. Therefore, it’s no coincidence there is already an increase in stories about tax schemes including tax fraud and identity theft. Here’s one we covered this week:

Reno, Nevada resident, Edward David Simon, 52 was
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Florida Woman Receives $21 Million Penalty for Offshore Accounts

Thursday, January 31st, 2013

Even though the latest voluntary disclosure program has officially past, it is still better to come clean with unreported offshore bank accounts than to wait for the IRS to contact you. The IRS is placing more severe penalties on non-compliant offshore account holders than ever before. A recent Forbes article titled “Florida Widow Guilty + $21M Penalty for Inherited Swiss + Liechtenstein Accounts,” explains just how tough it has become.
The article’s
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Swiss Bankers Caught Hiding Offshore Accounts from IRS

Monday, December 24th, 2012

If you think the saga between the U.S. government and Swiss banks was over, think again. An article titled Feds Charges Swiss Bankers with Tax Conspiracy from Accounting Today reports on the U.S. government’s continued offensive on worldwide offshore account disclosure. The most recent target: Swiss bank, Zuercher Kantonalbank (ZKB) who the U.S. Government claims attempted to hide the accounts of American clients from the IRS.
According to the article, the
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Former IRS Commissioner on Offshore Tax Strategy

Monday, November 19th, 2012

Douglas Schulman, the 47th IRS Commissioner spoke on November 7th before the professional association of the American Institute of Certified Public Accountants (AICPA) in Washington, DC.  In his speech, he talked about his last five years and where he sees the IRS focusing its attention in the future. The IRS posted former Commissioner Schulman’s prepared remarks that outlined major IRS strategic priorities. On the top of the list is a
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