WASHINGTON –The Internal Revenue Service’s (IRS) Criminal Investigation (CI) division surpassed its goals for Fiscal Year (FY) 2010, according to a new report publicly released by the Treasury Inspector General for Tax Administration (TIGTA). CI is primarily dedicated to developing and investigating legal source tax cases, which are crimes involving legal industries and occupations and…
Read more
IRS Extends Deadline for Offshore – What Must Be Filed?
The IRS stated on August 26 and further clarified on August 29 that due to the potential impact of Hurricane Irene it has extended the due date for its 2011 Offshore Voluntary Disclosure Initiative (OVDI) requests and several other required informational returns from August 31, 2011 until September 9, 2011. For those taxpayers who have not…
Read more
Swiss ‘Clarification' on U.S. Treaty Could Ease Handover of Bank Account Details
The Swiss government has put forward a clarification of the new U.S.-Swiss double taxation tax treaty, which may help resolve a dispute between the two countries over allegations that Switzerland’s second largest bank helped its U.S. clients evade taxes. A spokesman for the Swiss Federal Tax Administration, Mario Tuor, confirmed Aug. 29 that the Federal…
Read more
IRS Includes FBARs, Other Foreign Returns In Extension for Offshore Asset Disclosure
The Internal Revenue Service Aug. 29 said it would include foreign bank account and other foreign information reports in the nine-day extension it granted to taxpayers seeking to participate in the agency's Offshore Voluntary Disclosure Initiative (OVDI), in what one stakeholder said was a welcome decision. The move is the latest news for the initiative,…
Read more
- 1
- 2
