The media has obtained the names of HSBC account holders, some of which will be named in a TV program to be shown by the British Broadcasting Corporation (BBC). . The HSBC files, the biggest banking leak in history, reveal the full scale of malpractice at its Swiss subsidiary, as more fully discussed in out post Another…
Read more
US Investigates UBS Again!
UBS AG got into trouble with the IRS and Justice Department and changed bank secrecy forever. Eventually, the Swiss Parliament passed a measure enabling banks to hand over client identities to American authorities without violating Swiss bank-secrecy laws. After getting bruised in court battles with the IRS, in 2009, UBS paid $780 million to settle charges that…
Read more
Hiding Money or Income Offshore Among the “Dirty Dozen” List of Tax Scams for the 2015 Filing Season
The Internal Revenue Service announced in IR-2015-09, Jan. 28, 2015 that avoiding taxes by hiding money or assets in unreported offshore accounts remains on its annual list of tax scams known as the “Dirty Dozen” for the 2015 filing season. "The recent string of successful enforcement actions against offshore tax cheats and the financial organizations that…
Read more
Streamlined OVDP's “Nonwillful Narrative” Requirement.
Taxpayers using either the Streamlined Foreign Offshore Procedures or the Streamlined Domestic Offshore Procedures, will be required to certify, that the failure to report all income, pay all tax and submit all required information returns, including FBARs (FinCEN Form 114, previously Form TD F 90-22,1) was due to Non-Willful Conduct. The IRS's OVDP Strealined Procedures…
Read more
