As Swiss bank UBS and the Swiss government consider reneging on a deal to turn over 52,000 names of U.S. clients, Justice Department warns criminal prosecution may be next step
By Michael Rozbruch
———————————-
For those who follow tax compliance news, February was a big month.
That’s when the U.S. Department of Justice announced a deal with Swiss bank UBS.
The U.S. government agreed to waive criminal prosecution — federal prosecutors suspected the Swiss bank
[Read More]

The president outlines a plan to work with overseas banks and target tax cheats. He also wants to hire 800 new IRS agents to hunt down those not complying.
By Michael Rozbruch
———————————-
Just months into office, President Barack Obama has publicly announced the targets of his administrations.
Worldwide terrorist networks?
Check.
Guantanamo Bay?
Check.
Carbon emissions?
Check.
Tax cheats?
Che— Say what?!
That’s right. Among President Obama’s high-value targets are tax cheats who hide money in overseas bank accounts. On May
[Read More]

Tax-collecting agency is questioning how many Americans have offshore accounts and how they’re being used
By Michael Rozbruch
———————————-
Have a bank account overseas?
Be sure to tell the IRS about it.
The U.S. tax-collecting agency asked Americans with overseas accounts to report them by June 30. If you haven’t done so, you could be in trouble.
Owing to globalization, more people in the United States have foreign financial accounts. There is nothing improper about setting
[Read More]