We originally posted about US taxpayers with undeclared income from Israeli Bank Accounts on Thursday, September 8, 2011 "More Tax Problems for U.S. Citizens with Foreign Bank Accounts in Israel" and more recently on Monday, March 11, 2013 "IRS Targets Israeli Banks and Their US Client;" now we have come to discover that Aaron Cohen of Encino, Calif.,…
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IRS Releases Summer 2013 Statistics of Income Bulletin
WASHINGTON — The Internal Revenue Service announced September 3, 2013 that the summer 2013 issue of the Statistics of Income Bulletin is available at IRS.gov. The summer 2013 issue features data from Form W-2, Wage and Tax Statement, filed with individual income tax returns for tax years 2008 through 2010. The Statistics of Income (SOI) Division…
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Note Held in the US Subject to FBAR Penalty Under 2011 OVDI?
We have a client in the 2011 OVDI program. He has a note, which is physically in the United States, from a foreign obligor. The validity of the note is recognized by the IRS (e.g market rate interest, etc.) and the interest on this note is subject to tax, as well as the borrowings to…
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Why the IRS is Fed Up with Swiss Bankers!
Working with a Swiss lawyer and others, the US businessman father arranged for over $12 million in the undeclared accounts to be left to his surviving spouse and five of his children, including Seggerman. As a result of the successful implementation of that plan, and to hide the undeclared funds from the IRS, Seggerman, who,…
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