Thorn's Tax Talk
US Investigation of HSBC begins with a Cooperative Taxpayer into Undisclosed Offshore Accounts
United States DOJ and IRS investigate undisclosed offshore accounts at HSBC.
German Authorities Get Closer to Obtaining Credit Suisse Client Information on Undisclosed Offshore Accounts
German authorities raid Credit Suisse branches, on July 14, 2010, in an effort to target and investigate staff suspected of advising clients on how to evade taxes.
Swiss Parliament Gives Green Light to Disclose United States Taxpayers’ Names to Internal Revenue Service
Swiss tax authorities are working to gather the information required by the U.S. – UBS deal for delivery to the IRS before the August deadline.
June is FBAR Time!
Offshore Accounts: Swiss Parliament Votes to Allow Disclosure of UBS Accounts
The Swiss Parliament has resolved its split over the UBS account information disclosure issue.
Swiss Parliament Temporarily Split on Whether to Allow UBS Disclosure
Lower and Upper house of the Swiss Parliament disagree on UBS U.S. accountholder disclosure.
As Swiss Parliament Vote Approaches: US Taxpayers Continue to Disclose Accounts!
Less than two weeks remain before the Swiss Parliament will vote!
Swiss Sign Protocol to UBS Agreement: Keeps Disclosure Process Moving
The Swiss are at it again!
Swiss Parliament announces it will help with Disclosure of Information concerning Undisclosed Offshore Bank Accounts
Another twist in the ongoing drama between the U.S. and Swiss government over the Swiss id's of U.S. account holders at mega-bank UBS.
Another Swiss Banker to Disclose Offshore Account Information: Voluntary Disclosures are Likely to Increase!
The word on the street is that another Swiss banker is in the process of disclosing information concerning offshore accounts.
Swiss Federal Adminsitrative Court Halts Disclosure Of Offshore Account Names
On January 22, 2010, a Swiss Administrative Court ruled, that the failure by US citizens to complete certain tax forms (like W9's) or to declare income does not constitute "tax fraud".
Donating to Haiti Relief Today May Reduce Your Last Year's Tax Liability
President Obama signed a law on January 23, 2010 which allows taxpayers to claim a charitable deduction on their 2009 income tax returns for donations made to Haiti relief efforts in 2010.
One Week Remains: January 15, 2010 Deadline to Disclose Offshore Accounts
U.S. taxpayers with accounts in foreign banks have only 1 week left (January 15, 2010) to make a complete voluntary disclosure of their accounts to the IRS or risk facing increased monetary penalties.
Kovel Letters Not being Used or Misunderstood in Offshore Disclosures
Many accounting firms are not using or are improperly utilizing Kovel letters to protect their client’s interests in offshore voluntary disclosures.
IRS Moves onto Civil Information Document Requests to obtain information concerning Undisclosed Offshore Accounts
Now that the settlement initiative has ended, what will the IRS do next to find individuals with offshore accounts?
IRS Launches Employment Tax Audits!
Companies should make sure they are in compliance.
IRS Discloses What It Considers Tax Evasion By Persons With Offshore Accounts
Thanks to UBS, we now have a blueprint of how the IRS and DOJ will shape their tax evasion investigations vis-a vis offshore accounts.
Voluntary Disclosures Still Encouraged For U.S. Taxpayers With Offshore Accounts
The IRS Offshore Account Voluntary Disclosure Program (the “Program”) is over. But that does not mean U.S. taxpayers with undisclosed foreign bank accounts should stay in hiding. In fact, the relative success of the Program makes it imperative for people with still undisclosed accounts to come forward and make a voluntary disclosure.
Terms of UBS Agreement Offer Insight Into U.S. Tax Evasion Campaign
Now we know how UBS will determine which U.S. clients to turn over to the IRS.
IRS EXTENDS OFFSHORE ACCOUNT VOLUNTARY DISCLOSURE DEADLINE TO OCTOBER 15
As anticipated, undisclosed government sources have confirmed that the IRS is extending the deadline for U.S. taxpayers with undisclosed foreign bank accounts to come forward and participate in the special voluntary disclosure settlement initiative.
IRS Offshore Account Voluntary Disclosure Program Closing in One Week
The September 23rd IRS offshore account voluntary disclosure initiative deadline less than one week away.
U.S. Aggressively Pursuing Taxpayer Information from Other Countries
U.S. authorities have been very busy negotiating agreements with other counties that will make it easier for the U.S. to identify and prosecute U.S. taxpayers hiding money and assets overseas.
New IRS Unit Dedicated to Investigating U.S. Taxpayers with Undisclosed Offshore Accounts
The IRS recently reaffirmed its commitment to combating offshore tax evasion by forming a new elite unit of professionals dedicated to investigating and auditing offshore tax evasion by U.S. taxpayers.
Deadline Fast Approaching for US Taxpayers with Undeclared Offshore Accounts to Enter IRS Settlement Program
IRS Commissioner Douglas Schulman announced that the September 23 deadline for U.S. taxpayers with undisclosed foreign bank accounts to come forward and participate in the Offshore Account Settlement Initiative will not be extended. Thus, U.S. taxpayers with accounts in foreign banks have just three weeks to make a voluntary disclosure of their accounts to the IRS or risk facing increased monetary penalties and potential criminal prosecution.
UBS reached a final deal with the US Department of Justice and the Internal Revenue Service: it will disclose the names and account details for more than 4,450 Americans suspected of tax evasion
This number is a marked-decrease from the US Government's initial request to UBS for approximately 50,000 names and accounts.
UBS Settlement Details Are In - Will Disclose 4,500 Names
IRS released some details of its settlement with UBS regarding the bank's disclosure of account holder information.
US PREPARING TO PROSECUTE 150 WITH UNDISCLOSED FOREIGN ACCOUNTS
It appears the US government is preparing to prosecute 150 US citizens with undisclosed UBS offshore accounts.
US Confirms Settlement with Swiss in UBS Offshore Account Battle
US confirms it has reached a settlement agreement with the Swiss government in the battle over names of holders of UBS offshore accounts. Details to come soon! Which foreign bank is next?
Kovel Letters Are Necessary for Offshore Voluntary Disclosures!
CPAs, Accountants and Enrolled Agents should be retaining counsel and using Kovel letters with Offshore Voluntary Disclosures of Undisclosed Foreign Bank Accounts.
US & Switzerland Reach Deal In UBS Litigation
The U.S. and Swiss governments have reportedly reached a deal in the on-going UBS litigation saga.
IRS Using Settlement Initiative To Expand Offshore Enforcement Efforts – May Effect Practitioner Community
The IRS questionnaire for taxpayers seeking to participate in the offshore voluntary disclosure settlement initiative may serve as a device to identify for further investigation practitioners involved in advising clients to use offshore accounts.
According to Swiss newspapers, UBS will not have to pay a fine
According to Swiss newspapers, UBS will not have to pay a fine as part of the settlement concerning the undisclosed offshore accounts.
Changes to the contingency section of Circular 230
The IRS and the IRS Office of Professional Responsibility will be looking at changing the contingency section of Circular 230.
Meeting at the IRS Discussing Regulation of Return Preparers
There was a meeting at the IRS this past week to discuss the regulation of return preparers.
For all those US citizens with undisclosed UBS accounts
FYI, for all those US citizens with undisclosed UBS accounts.
News about Mr. Chernick
News about, Mr. Chernick, the most recent guy to plead guilty came out the other day, and now it appears that Swiss bankers and an unnamed gov’t official have now been implicated.
Jeffry Chernick expected to plead to plead to one count of filing a false tax return
Jeffry Chernick, a third US taxpayer was charged in Florida today and is expected to plead to one count of filing a false tax return for 2007.
Thorn's Tax Talk
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Recent Posts
- US Investigation of HSBC begins with a Cooperative Taxpayer into Undisclosed Offshore Accounts
- German Authorities Get Closer to Obtaining Credit Suisse Client Information on Undisclosed Offshore Accounts
- Swiss Parliament Gives Green Light to Disclose United States Taxpayers’ Names to Internal Revenue Service
- June is FBAR Time!
- Offshore Accounts: Swiss Parliament Votes to Allow Disclosure of UBS Accounts
