Archive by Year:2016

Notable Tax Crimes and Recent Convictions

Offshore Account Update

Posted in on December 30, 2016

Recently, several major tax cases have been resolved with guilty pleas and convictions. The cases involve defendants accused of various offenses, including tax fraud, tax evasion, and crimes in connection with offshore accounts. The potential penalties for the defendants could include lengthy prison sentences.

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DOJ Files John Doe Summons to Compel the Release of Bitcoin Customer Names

Hot Topics, Offshore Account Update

Posted in on December 16, 2016

Coinbase is a virtual currency exchange where consumers can purchase Bitcoin. Many people buy Bitcoin because this currency is supposed to provide privacy to consumers. 

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Swiss Supreme Court Rules Against Disclosure of Lawyers Who Helped With Tax Evasion

Offshore Account Update

Posted in on October 31, 2016

The United States government created the Swiss Bank program in order to encourage Swiss financial institutions to come forward with information about accountholders. In exchange for paying a fine and providing requested info on offshore tax evaders, banks can avoid criminal prosecution. More than 80 Swiss banks have already come forward to give details about their accountholders to the U.S. authorities so the banks can ensure better outcomes for themselves.

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New Leak Exposes Even More Offshore Dealings

Offshore Account Update

Posted in on October 21, 2016

Offshore accounts used to promise privacy for accountholders. Increasingly, however, individuals with funds located offshore are finding that their information is being made public. Sometimes, this happens because banks participate in amnesty programs so their institutions can avoid prosecution. These amnesty deals involve turning over details about accountholders.

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More Countries Join Forces to Fight Tax Evasion

Offshore Account Update

Posted in on September 30, 2016

Countries throughout the world have been coming together to try to stop tax evasion. For years, the offshore banking industry made it possible for investors to keep millions of dollars in offshore bank accounts without their home countries being aware of such accounts. However, this is increasingly becoming impossible. Hiding money offshore is no longer an option for most people, as countries that once valued privacy and secrecy are becoming part of international efforts to fight tax evasion through the open exchange of information.

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