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Category: Hot Topics - Page 6
DOJ Files John Doe Summons to Compel the Release of Bitcoin Customer Names
Hot Topics, Offshore Account UpdatePosted 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.
Read MoreOVDP: Willful vs. Nonwillful Violators
Hot Topics, News, Offshore Account UpdatePosted 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.
Read MorePrison Time Could Result from Undisclosed Offshore Accounts
Featured, Hot Topics, News, Offshore Account UpdatePosted in on September 16, 2014
The Internal Revenue Service and the Justice Department have been making a major effort to crack down on offshore accounts that U.S. citizens do not declare. In addition to allowing tax payers to face reduced penalties if they voluntarily report these accounts through an Offshore Voluntary Disclosure Program (OVDP), the authorities have been making deals with Swiss banks to turn over information on accounts in exchange for lesser penalties or avoiding prosecution.
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