ThornTaxLaw

IRS to Provide More Guidance on Duel Citizens with Undisclosed Offshore Accounts

2012-05-07 12:08:00

Supplemental information to the current 2012 IRS Voluntary Disclosure Program to be released.

U.S. Taxpayers with Undisclosed Offshore Accounts Beware: Swiss Government Authorizes Swiss Banks to Turn-Over Names of Professionals to U.S. Internal Revenue Service

2012-04-17 16:45:00

The release of such information will likely contribute to establishing cases against those U.S. taxpayers currently under investigation.

Credit Suisse Making Preparations to Comply with U.S. Authorities: Potential Civil and Criminal Investigations into U.S. Clients with Undisclosed Offshore Accounts

2012-02-23 16:23:00

Credit Suisse advising their U.S. clients to hire a tax controversy lawyer and enter into the IRS’s 2012 Voluntary Disclosure Program in order to avoid potential criminal investigation.

IRS’s New Amnesty Program for Undisclosed Offshore Account Holders Comes at a Critical Time: Wegelin & Co. Officials Indicted

2012-02-16 10:41:49

Wegelin & Co. officials fail to appear at a Manhattan court hearing on February 11, 2012!

IRS’s New Amnesty Program for Undisclosed Offshore Account Holders Comes at a Critical Time: Basler Kantonalbank Turns Over U.S. Client Data

2012-02-15 10:09:08

Total of 11 banks are expected to pay heavy fines!

IRS’s New Amnesty Program for Undisclosed Offshore Account Holders Comes at a Critical Time: Credit Suisse Turns Over U.S. Client Data

2012-02-14 11:01:35

Total of 11 banks, including Credit Suisse, are expected to pay heavy fines!

IRS’s New Amnesty Program for Undisclosed Offshore Account Holders Comes at a Critical Time: Julius Baer Turns Over U.S. Client Data

2012-02-13 11:33:51

Three more banks are still expected to turn over client data for a total of 11 banks!

Swiss Banks Turn Over US Client Data with Undisclosed Offshore Accounts

2012-02-06 10:07:02

On January 30, 2012 eight Swiss banks turned over U.S. client data on taxpayers suspected of tax evasion.

New IRS Offshore Voluntary Disclosure Program for US Taxpayers with Undisclosed Offshore Accounts for 2012 (3rd Program in last three years)

2012-01-09 16:41:18

IRS reopens Offshore Voluntary Disclosure Program (OVDP) to encourage U.S. taxpayers with undisclosed offshore accounts to come into compliance!

Wegelin & Co. Swiss Bankers Indicted for Tax Evasion

2012-01-05 15:19:32

The three allegedly instructed prospective U.S. clients that their account information would be safe at Wegelin!

Credit Suisse to Provide IRS with U.S. Client Names Suspected of Tax Evasion

2011-11-10 16:24:00

Credit Suisse begins notifying their U.S. clients with undisclosed offshore accounts that they intend to turn-over client data to the IRS.

Swiss Government Offers U.S. Settlement To Resolve Tax Evasion Allegations

2011-11-04 16:12:00

Multibillion-dollar settlement to U.S. authorities proposed by Swiss government.

Swiss Banks to Provide U.S. with Client Information on Undisclosed Accounts

2011-10-27 17:20:00

European banks ready to pay billions to the United States, as well as disclose U.S. clients’ names to the Internal Revenue Service (IRS) and the Department of Justice (DOJ).

IRS Shares Taxpayer Financial Information on Undisclosed Bank Accounts

2011-10-11 08:53:26

This exchange of information could give U.S. agencies evidence to open criminal investigations against U.S. taxpayers with undisclosed offshore banks accounts.

HSBC: One of the Eight Under Grand Jury Investigation?

2011-09-30 16:01:32

India-American charged for evading taxes through the HSBC India branch!

DOJ Reveals: Eight Offshore Banks Under Grand Jury Investigation

2011-09-21 20:42:11

Rumor has it that the agency has strong evidence against the banks in regards to conduct and/or information concerning taxpayers with undisclosed offshore accounts.

IRS Amnesty Ends!

2011-09-11 13:55:48

But Taxpayers with Undisclosed Offshore Accounts can still come forward and limit their civil and criminal exposure!

Less Than One Week for Undisclosed Offshore Account Holders to Take Advantage of the Amnesty Program

2011-09-04 08:57:25

Offshore Voluntary Disclosure Initiative (OVDI) deadline for entering the “amnesty” program is Friday, September 9, 2011!

OVDI Deadline has been extended!

2011-08-27 10:52:58

Hurricane Irene to impact due date!

One Week Until 2011 IRS Amnesty Program Deadline

2011-08-23 16:23:00

Last chance for U.S. taxpayers with undisclosed offshore accounts to benefit from pre-determined penalties and reduced criminal exposure!

Credit Suisse Likely to Turn Over Names: Undisclosed Offshore Account Holders

2011-08-16 14:44:16

Penalty against the bank could exceed over $1 billion!

U.S. Persons with Undisclosed Offshore Accounts Take Action Against High IRS Penalties

2011-08-01 17:28:00

Indian Americans with undisclosed offshore accounts urged to come forward through the 2011 IRS Amnesty program before August 31, 2011.

Credit Suisse in Serious Trouble: Account Holders Next as 1 Month for Amnesty Remains

2011-07-28 13:55:39

Time running out for Credit Suisse undisclosed account holders!

HSBC Severs Ties with Undisclosed Offshore U.S. Account Holders

2011-07-21 16:14:38

HSBC India has mandated that all ties with U.S. Clients and anyone associated with U.S. persons are to be severed!

DOJ Opens Criminal Investigation into Credit Suisse Undisclosed Foreign Accounts

2011-07-15 11:56:26

Credit Suisse receives formal letter from the U.S. Department of Justice for improper offshore banking practices.

HSBC Prepares to Turn Over U.S. Client Names to Comply with U.S. Government

2011-07-06 16:32:00

Time running out for HSBC clients with non-compliant accounts.

NY lawyer admits hiding $26.4 million in Offshore Bank Account

2011-06-27 23:17:20

Pleads guilty to criminal charges of tax evasion.

Other Swiss Banks in talks with United States for Global Deal: Undisclosed Account Holders to possibly be Disclosed!

2011-06-10 11:40:59

More Swiss Banks to possibly disclose Undisclosed Account Holders. What it means!

Another HSBC Undisclosed Account Holder Charged!

2011-05-19 14:52:06

Crackdown continues for offshore account holders failure to file FBAR's

HSBC Account Holder Pleads Guilty to False Filings

2011-04-19 19:42:36

HSBC offshore account holder to serve 3 years in prison. Beware!

HSBC: Judge Grants ‘John Doe’ Summons for HSBC Undisclosed Offshore Accounts

2011-04-08 20:12:19

Internal Revenue Service given the right to serve a summons on HSBC USA.

HSBC: Next Offshore Bank Account Target

2011-04-07 17:52:00

DOJ announces it's expanded its focus to include undisclosed foreign bank accounts with HSBC.

IRS Indicts Undisclosed Offshore Account Holders: Time Is Running Out!

2011-03-24 10:25:00

Pressure to intensify going forward as the government obtains more information from banks and often from other taxpayers.

UBS Account Holder Slammed With High FBAR Penalty

2011-03-11 16:27:00

Charged of willfully filing a false tax return and failure to disclose an interest bearing offshore account.

Credit Suisse: Offshore Bankers Indicted

2011-03-02 16:54:00

Credit Suisse International Bankers have recently been indicted on charges of illegal cross-border banking.

IRS Launches Second Offshore Voluntary Disclosure Initiative

2011-02-09 11:18:23

U.S. taxpayers with undisclosed offshore accounts have been given another bite at the voluntary disclosure apple.

HSBC Banker Charged in NJ for Undisclosed Offshore Account

2011-01-26 16:26:00

The first U.S. taxpayer was charged today for keeping an undisclosed bank account with HSBC.

IRS Government Official Updates ABA on Offshore Accounts

2011-01-24 16:00:00

IRS close to announcing initiative to entice more taxpayers with unreported offshore accounts to voluntarily disclose them.

Former Julius Baer Banker to give IRS 2,000 Names of Undisclosed Offshore Holders

2011-01-18 16:42:11

New data on offshore bank account holders to be released to the IRS in the very near future.

IRS Considers Extending Amnesty Program for Taxpayers with Undisclosed Offshore Accounts

2010-12-16 15:05:00

Possible new Amnesty Voluntary Disclosure Program will be based on the former disclosure program.

IRS Extends its Reach to Leumi - Urging all U.S. Clients to Come into Compliance

2010-12-09 12:35:02

IRS and DOJ continuing to investigate offshore accounts held at HSBC and UBS, and Bank of Leumi.

U.S. Government Continues to Crack Down on UBS Undisclosed Offshore Accounts

2010-11-24 09:25:00

Government continues to move forward on undisclosed offshore UBS cases.

IRS Continues To Dig Deeper Into Undisclosed Offshore Accounts!

2010-11-09 11:41:00

The IRS recently increased staffing in preparation for the next wave of offshore enforcement.

UBS Completes Terms of DPA Agreement: All 4,450 Names Released

2010-10-29 16:19:00

The Department of Justice dismisses criminal charges against UBS which had been accused of aiding U.S. account holders evade as much as $20 billion of combined taxes.

US Investigation of HSBC begins with a Cooperative Taxpayer into Undisclosed Offshore Accounts

2010-07-19 17:03:00

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

2010-07-16 13:05:35

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

2010-06-17 17:00:00

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.

Offshore Accounts: Swiss Parliament Votes to Allow Disclosure of UBS Accounts

2010-06-15 17:53:00

The Swiss Parliament has resolved its split over the UBS account information disclosure issue.

Swiss Parliament Temporarily Split on Whether to Allow UBS Disclosure

2010-06-09 10:43:45

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!

2010-05-27 13:06:06

Less than two weeks remain before the Swiss Parliament will vote!

Swiss Sign Protocol to UBS Agreement: Keeps Disclosure Process Moving

2010-03-31 09:23:00

The Swiss are at it again!

Swiss Parliament announces it will help with Disclosure of Information concerning Undisclosed Offshore Bank Accounts

2010-02-25 09:13:28

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!

2010-02-12 17:50:06

The word on the street is that another Swiss banker is in the process of disclosing information concerning offshore accounts.

One Week Remains: January 15, 2010 Deadline to Disclose Offshore Accounts

2010-01-08 12:37:25

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

2009-12-22 18:57:26

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

2009-12-01 21:06:08

Now that the settlement initiative has ended, what will the IRS do next to find individuals with offshore accounts?

IRS Discloses What It Considers Tax Evasion By Persons With Offshore Accounts

2009-11-24 13:08:37

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

2009-11-23 21:49:09

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

2009-11-20 08:51:45

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

2009-09-20 23:08:27

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

2009-09-16 13:01:40

The September 23rd IRS offshore account voluntary disclosure initiative deadline less than one week away.

U.S. Aggressively Pursuing Taxpayer Information from Other Countries

2009-09-16 13:01:24

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

2009-09-09 00:01:27

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

2009-08-30 22:22:38

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

2009-08-20 10:03:52

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

2009-08-20 09:46:27

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

2009-08-15 21:55:03

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

2009-08-13 00:30:32

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!

2009-08-10 23:07:20

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

2009-08-07 18:13:44

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

2009-08-07 18:13:06

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

2009-08-07 18:08:09

According to Swiss newspapers, UBS will not have to pay a fine as part of the settlement concerning the undisclosed offshore accounts.

For all those US citizens with undisclosed UBS accounts

2009-07-31 11:19:07

FYI, for all those US citizens with undisclosed UBS accounts.

News about Mr. Chernick

2009-07-29 11:19:13

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 one count of filing a false tax return

2009-07-27 11:18:52

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.