On Tuesday, June 18, 2013, we posted DOJ Requests Identification of US Depositors in Bank Weglin - Time To Come Clean? where we discussed that the US Department of Justice has submitted another administrative assistance request to the Swiss authorities, this one demanding the identification of American clients of the private bank Wegelin who were…
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“Quite Disclosure” Caught – DOJ Files To Collect 50% FBAR Penalty!
We first posted that on Wednesday, June 5, 2013 IRS Cracks Down on "Quiet Disclosures" which discussed that the IRS is cracking down on so-called soft or "Quiet Disclosures." According to a recent the U.S. Government Accountability Office (GAO) report, more than 10,000 taxpayers showed signs of having avoided offshore penalties by making “Quiet Disclosures”…
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DOJ Requests Identification of US Depositors in Bank Weglin – Time To Come Clean?
The US Department of Justice has submitted another administrative assistance request to the Swiss authorities, this one demanding the identification of American clients of the private bank Wegelin who were beneficiaries of asset management companies between 2002 and 2012. The United States tax authorities have filed a request for legal assistance to identify former American…
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TIGTA Study Shows That Business Tax Assessments Are Increasing
Assessments against business taxpayers that have not filed required tax returns have soared by nearly 60 percent according to the Treasury Inspector General for Tax Administration's (TIGTA) report dated September 17, 2012. However, the Internal Revenue Service needs to improve internal controls to ensure staff follow the correct procedures in documenting the reasons for these assessments,…
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