On Friday, June 20, 2014, we posted Is Their Benefit To Responding To Your Swiss Bank's Request For Confirmation Of Tax Compliance? where we discussed that taxpayers not to be fooled into thinking that answering these letters or providing this information will somehow prevent your account from being turned over to the U.S. Treasury Department, as an account associated with…
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Accountants & Lawyers Need To Beware of Privacy Breaches!
Edward Snowden, the former National Security Agency contractor who blew the whistle on the secret surveillance activities being carried out by the federal government, is warning accountants and other professionals to be concerned about the privacy of their communications. In an interview with The Guardian, Snowden described how phone and email communications are vulnerable to…
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Julius Baer Banker Charged with Leaking Cayman Islands Client Information.
The Swiss authorities have charged former Julius Baer banker Rudolf Elmer with contravening banking secrecy laws. Elmer is alleged to have leaked details of Cayman Islands client accounts via WikiLeaks between 2007 and 2011, long after he left the bank's Cayman division. He is also charged with offering bank account data to Germany's finance ministry.…
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Just 3 Days Before OVDP Penalty Increase To 50%!
On Thursday, June 19, 2014, we posted "OVDP Penalty Increased To 50%!"where we discussed that the new revisions to the US offshore voluntary disclosure initiative, which we posted on 6/18/14 "IRS Makes Changes to Offshore Programs; Revisions Ease Burden and Help More Taxpayers Come into Compliance", now provides for and increased 50% FBAR Penalties for…
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