We originally posted "Was Raoul Weil the Ex-UBS Banker Your Banker?...You May Want to Contact M&A Immediately!" where we discussed that an Italian judge ruled on Tuesday, October 22, 2013, that Raoul Weil, the ex-UBS banker wanted in the United States over allegations of helping Americans dodge taxes, must remain in custody while awaiting possible extradition…
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Cayman Islands & Costa Rica Signed FATCA Agreements!
We originally posted Cayman Banks to Disclose US Taxpayer's Information to the IRS! on September 18, 2013,where we discussed that the Cayman Islands, known as a haven for wealthy Americans seeking to stash cash overseas without scrutiny from the U.S. government, is about to become less secret. The FATCA agreement with the Cayman Islands was…
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Revised IRS FBAR Penalty Appeals Procedures.
On October 28, 2013 the IRS revised the Internal Revenue Manual (IRM) providing guidance and clarification regarding the administrative review of FBAR penalties by the IRS Office of Appeals. See http://www.irs.gov/irm/part8/irm_08-011-006.html The IRM is essentially the operational manual providing guidance and procedures for the various functions carried out by the IRS. With respect to FBAR penalties…
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Bahamas Agrees to Enter into FATCA Agreement With the US!
In his contribution to the House of Assembly, on August 12, 2013, Minister of Financial Services Ryan Pinder said that the Bahamas Government has agreed that the country will achieve compliance under the United States Foreign Accounts Tax Compliance Act (FATCA) by negotiating and entering into a Model 1 Intergovernmental Agreement (IGA) with the United…
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