The 2010 foreign trust statistics reported on Forms 3520 and 3520-A show an increasing interest in foreign investment by U.S. taxpayers and the impact of changes made in 1996 to information reporting requirements. The number of Form 3520 returns reporting foreign trust transactions and certain foreign gifts rose by 104.1 percent, from 7,956 in 2006…
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Singapore Banks … No Longer a Safe Haven For Tax Cheats!
Banks in Singapore are urgently scrutinizing their account holders as an imminent deadline on strictertax evasion measures forces them to decide whether to send some of their wealthiest clients packing. The Southeast Asian city-state has grown into the world's fourth- biggest offshore financial center but, with U.S. and European regulators on the hunt for tax…
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Whistleblower Exposes Massive Offshore Corruption!
The enormous value of whistleblowers has once again been demonstrated with the release this of an investigation by the International Consortium of Investigative Journalists into off-shore holdings of people and companies in more than 170 countries and territories hiding trillions of dollars in income and assets. Deutsche Bank was one of the banks the ICIJ…
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GAO Reports a Big Increase in FBAR Reporting – Maybe It Is A Result of IRS Enforcement Efforts?
The number of American taxpayers reporting foreign accounts to the Internal Revenue Service (IRS) doubled to 516,000 between 2007 and 2010, according to the US Congress' General Audit Office (GAO). The GAO investigation also found that 6 per cent of US taxpayers who took up the IRS' 2009 offshore tax amnesty received penalties of USD1…
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