1. Things May Get Better. According to a report from the Taxpayer Advocate, as of September 29, 2012 the average FBAR (Foreign Bank Account Report) penalty imposed in the 2009 Offshore Voluntary Disclosure Program (OVDP) opt-out cases is $15,737. That figure may be misleading because not all of the 2009 opt-out cases have been closed…
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Caymans Makes It Tougher for Wealthy to Hide Money!
The Cayman Islands, known as a haven for wealthy Americans seeking to stash cash overseas without scrutiny from the U.S. government, is about to become less secret. An agreement between the countries will put in place the Foreign Account Tax Compliance Act, or FATCA. The 2010 law makes it tougher to hide money overseas…
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IRS Targets Hong Kong and Singapore for US Tax Evaders!
Hong Kong and Singapore continue to be the target of U.S. prosecutors pursuing a global campaign against evaders of federal taxes, spurred by data acquired in their crackdown on Swiss banks. Prosecutors are trying to determine what role financial professionals in Hong Kong play in tax evasion, according to people familiar with the matter. They…
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Swiss Lawyer Co-Operating With IRS Hunt For Offshore Account Holders!
A Swiss lawyer accused of helping U.S. clients conceal millions of dollars in offshore accounts pleaded guilty to conspiracy to commit tax fraud in federal court in New York on Friday and has been telling prosecutors how he helped American clients use secret accounts to hide assets from the Internal Revenue Service. Edgar Paltzer,…
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