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Category: Offshore Account Update - Page 37
The acting attorney general for the Tax Division of the Justice Department is pushing the U.S. Senate to ratify a tax treaty signed in September of 2009. The treaty was between the United States and Switzerland, and it would amend Article 26 of the existing Swiss-U.S. tax treaty to implement the OECD standard from the OECD Model Tax Convention. The OECD standard requires the contracting countries to exchange “such information as is foreseeably relevant” for carrying out the provisions of the tax treaty and enforcing domestic tax laws. Read More
Zurich Bank Reaches Deal Under Swiss Bank Program| Washington DC Tax Law Firm
Offshore Account UpdatePosted in on August 14, 2015
Swiss banks have long provided a haven for people who want to keep money offshore and take advantage of Switzerland’s strict privacy laws. The U.S. government, however, has been cracking down on investors and financial institutions involved with hiding offshore funds for purposes of tax avoidance. Read More
Commerzbank AG Pays Fines to Settle Serious Allegations
Offshore Account UpdatePosted in on July 10, 2015
When banks are suspected of wrongdoing, it is common for the financial institutions to settle the case with the Department of Justice by paying fines and entering into deferred prosecution agreements. Commerzbank AG recently became one of the latest banks to settle a criminal case. Between fines and the money the bank agreed to forfeit, the bank ended up paying a total of $1.45 billion to resolve its criminal allegations.
Read MoreCEO Gets Prison Time for Hiding Money in Offshore Accounts
Offshore Account UpdatePosted in on June 26, 2015
Reporting money in offshore accounts is required. Investors must file a Foreign Bank Account Report (FBAR) with the Treasury Department each year. Failure to file reports and pay income taxes on offshore investments can lead to financial penalties. It can also lead to criminal penal-ties. Just recently, the CEO of Circlenet LLC was sentenced to four months in a federal prison for not filing his reports and concealing income.
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