According to Law360, HSBC Holdings PLC could be hit with fines exceeding $1.5 billion from investigations around the world into allegations of tax evasion and money laundering at its Swiss private-banking subsidiary and other operations, according to the bank's annual report published Tuesday. Tax agencies, regulators and law enforcement authorities in the U.S., Belgium, Argentina,…
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Are Offshore Accounts Quiet Disclosures Becoming More Risky?
According to Tax Blawg the IRS is getting closer to ferreting out “quiet disclosures” by taxpayers who chose that route to address the problem of previously unreported offshore accounts rather than by participating in the Service’s offshore voluntary disclosure program (OVDP)? That's the Conclusion of an Increasing Number of Tax Professionals and If Taxpayers in This Predicament…
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325% Cost Where IRS Discovers Your Offshore Account! — Do You Feel Lucky?
There are both civil and criminal penalties for failure to file a Foreign Bank Account Report 90-22.1 (FBAR). Criminal Penalties: FAQ #6: What are some of the criminal charges I might face if I don't come in under OVDP and the IRS examines me? Possible criminal charges related to tax returns include tax evasion…
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5 Recent Changes to IRS Collection Procedures
Recently, joint research from the Internal Revenue Service and the Urban-Brookings Institute highlighted the results of many IRS enforcement activities, including the impact of past years’ changes to IRS Collection policy. It is no secret that the IRS has been kinder and gentler to tax debtors during the past five years. The 2012 Fresh…
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