US Persons Who Previously Held Secret Swiss AccountsAre Running a Serious Risk Unless They Make a Voluntary Disclosure ASAP! On August 29, 2013 we posted Swiss Banks Agree to Plan to End Past US Tax Evasion Issues! where we discussed that the Swiss banks were ready to pay hefty fines for sheltering United States tax fugitives…
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New Worries for Those Thinking of Renouncing US Citizenship!
If you are one of the many US citizens contemplating renouncing your US citizenship, Congress recently sent a fairly clear message that now, as opposed to later, may be the right time to get out of the club. On June 12, 2013, US Senators Jack Reed (D-RI) and Chuck Schumer (D-NY) attempted to add yet…
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1st Loss for IRS Involving Swiss Bank Accounts!
Happiness.” That is what retired auto dealer Jimmy Pflueger told reporters he felt as he left the U.S.District Court House today, just after U.S. District Judge Leslie Kobayashi found him “not guilty” on four federal tax fraud charges. The 87-year-old retired automobile dealer - who founded the Pflueger dealerships – had been charged with filing…
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Offshore Disclosure Beyond the FBAR!
Besides having to file FBAR reports for a US taxpayer's Interest in Foreign Accounts, US Taxpayers also have the following Reporting Requirement for their Investments in Foreign Entities: · Form 5471 –Used to report that you are a 10% or more shareholder in a foreign corporation. · Form 5472 –Used to report that a US…
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