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Archive by Year:2009 - Page 8

Administrative Law Judge Finds Against IRS Office of Professional Responsibility in Tax Practitioner Case Pertaining to Written Tax Opinions

Articles & Publications

Posted in on July 30, 2009

Over the last few years the IRS’s Office of Professional Responsibility (“OPR” or “the Office”) has lived up to its promise of investigating tax practitioners that have been allegedly engaged in questionable conduct related to their advising clients on tax advantaged transactions and preparing tax opinions.  

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IRS Offers Settlement Initiative for US Taxpayers: An Update on Undisclosed Offshore Account Investigations

Articles & Publications

Posted in on July 30, 2009

Swiss banking giant UBS AG (UBS) is facing ongoing pressure on all fronts—from the Department of Justice (DOJ), the Internal Revenue Service (IRS), U.S. Congress, and the international community—to disclose the names of offshore accountholders who use UBS accounts to avoid their taxes.  Federal authorities suspect that approximately 19,000 U.S. taxpayers have used 52,000 UBS accounts to hide $18 billion in assets—or $300 million in tax liabilities.  U.S. UBS accountholders who failed to disclose their offshore accounts to the IRS potentially face major repercussions and should carefully evaluate recent developments. 

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Jeffry Chernick expected to plead to one count of filing a false tax return

Offshore Account Update

Posted in on July 27, 2009

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. 

 

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IRS Using Settlement Initiative To Expand Offshore Enforcement Efforts – May Effect Practitioner Community

IRS Office of Professional Responsibility, Offshore Account Update

Posted in on July 15, 2009

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.

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According to Swiss newspapers, UBS will not have to pay a fine

Offshore Account Update, UBS / HSBC

Posted in on July 9, 2009

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

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