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Category: News - Page 3

Israel Bank Faces Tax Evasion Prosecution

News, Offshore Account Update

Posted in on December 12, 2014

A bank in Israel, Bank Leumi, is being targeted by the New York Department of Financial Services, which regulates banks in the state of New York. Why? New York regulators believe Bank Leumi helped facilitate tax evasion among U.S. citizens with offshore investments.  

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The Crackdown on Swiss Banks Continues to Put Offshore Investors at Risk


Posted in on November 28, 2014

The U.S. government has decided to go after tax evaders a bit more creatively by prosecuting the bankers that help make tax evasion possible. With tough new reporting requirements for banks (as well as reporting requirements for individual taxpayers with offshore accounts), the Internal Revenue Service is determined to stop people from placing money in offshore accounts to avoid U.S. tax obligations.   

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Top Bank Officials Face Charges for Tax Evasion


Posted in on November 25, 2014

In Switzerland, centuries old traditions make it a criminal act for bankers to disclose the names of clients. Switzerland does not consider tax evasion to be a crime, although tax fraud and money-laundering schemes are against the law.  Because of the banking laws in Switzerland, Swiss banks have long been a haven for people in the United States who want to keep their money offshore and obtain a measure of privacy from the United States government. 

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Tax Evasion Crackdown Affecting Ex-Pats


Posted in on October 30, 2014

Americans living abroad are experiencing significant financial consequences as a result of recent crackdowns on tax evasion. Many of the expatriates who live outside of the United States indicate that their financial accounts are being closed; they are being denied partnerships and promotions in business; and their relationships with non-American spouses are being strained.

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OVDP: Willful vs. Nonwillful Violators

Hot Topics, News, Offshore Account Update

Posted in on September 25, 2014

If you have any offshore financial accounts, you are required to file a Report of Foreign Bank and Financial Accounts (FBAR) to alert the Internal Revenue Service to your foreign investments. A failure to file FBARs can led to financial penalties, which in some cases have exceeded the value of the money kept in the foreign account. 

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