Archive by Year:2015

The Crackdown on Employment Tax Evasion

Offshore Account Update

Posted in on December 23, 2015

The Internal Revenue Service and the Department of Justice have been aggressively moving forward with enforcement efforts to prevent U.S. citizens from keeping money in offshore accounts. The tax division of the DOJ has entered into a myriad of agreements with financial institutions, with some institutions voluntarily coming forward under the Swiss Bank Program and others negotiating settlements to resolve pending criminal charges.

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Schaffhauser Kantonalbank Reaches Resolution With DOJ Under Swiss Bank Program

Offshore Account Update

Posted in on December 11, 2015

Schaffhauser Kantonalbank (SHKB) is a regional bank in Switzerland that was founded in 1883. The financial institution has recently become one of many banks to take advantage of the Swiss Bank Program. The Swiss Bank Program allows banks to voluntarily report activities they engaged in to help U.S. citizens to evade tax obligations. In exchange for coming forward and for fulfilling certain criteria, including providing information on accountholders, the bank is able to avoid being prosecuted criminally and can limit fines and penalties.

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India Agrees to Implement FATCA

Offshore Account Update

Posted in on November 27, 2015

The Foreign Account Tax Compliance Act (FATCA) requires all U.S. citizens to file annual reports of their financial accounts held outside of the United States.  This is true even of people who live outside of the U.S. and have accounts in the country they currently consider home.  The goal of FATCA is to make sure that U.S. accountholders are reporting all income and complying with all U.S. tax obligations. 

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Tax Lawyer Takes a Closer Look at Société Générale Private Banking

Offshore Account Update

Posted in on November 13, 2015

The United States Department of Justice has created the Swiss Bank Program to make it possible for banks to avoid criminal consequences for helping U.S. accountholders evade their reporting and income tax obligations. The Swiss Bank Program creates different categories of banks.

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Washington DC Tax Evasion Attorney Examines Amnesty for Banks

Offshore Account Update

Posted in on October 23, 2015

As of July 2015, 15 foreign banks have entered into non-prosecution agreements with the United States Department of Justice. These foreign banks have had to agree to pay fines because of their role in helping U.S. affiliated accountholders to hide offshore accounts and to avoid paying taxes due on offshore income.  The DOJ has agreed these banks will not face criminal charges -- but there is a catch that goes beyond fines.  The banks have to turn over details on accountholders in the U.S.  Read More

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