We previously posted on Wednesday, June 19, 2013, ""Quite Disclosure" Caught - DOJ Files To Collect 50% FBAR Penalty!" dealing with the U.S. government's Complaint to collect multiple civil FBAR penalties in the amount of $3,488,609.33 previously assessed against Carl R. Zwerner of Coral Gables, Florida for his alleged failure to timely report his financial…
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Swisspartners Turns Over 110 American Clients to US Authorities!
Swisspartners Investment Network AG, a Swiss-based asset management firm, and three of its wholly-owned subsidiaries (collectively, the Swisspartners Group), entered into a non-prosecution agreement (NPA) with the U.S. Attorney’s Office for the Southern District of New York and agreed to pay $4.4 million to the United States. The NPA was entered into based…
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Tax Court Upholds Negligence Penalty But Not Fraud Penalty
The Tax Court has upheld IRS's determinations with respect to the car and truck expenses that a married couple was entitled to deduct, finding that their records were inconsistent and didn't support the higher amounts claimed. However, the Court declined to impose a fraud penalty against the couple, concluding that the errors on their returns…
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IRS Released Forms 8966 & 1042 Updated For FATCA Reporting Requirements
On March 5, 2014 the Internal Revenue Service released new versions of three critical forms to help financial institutions and withholding agents meet the requirements of the Foreign Account Tax Compliance Act, including draft versions of Form 8966 and Form 1042-S, and a final version of Form 1042. Form 8966, FATCA Report, is a new form…
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