Search Results for: offshore bank accounts
2011 Offshore Voluntary Disclosure Initiative (OVDI)
…account balance in the taxpayer’s foreign bank accounts during the years 2003 through 2010. This offshore penalty is in lieu of all other penalties that might apply, except for the…
New IRS guidance Announced for IRS Streamlined Offshore Procedures.
…file under the Streamlined Domestic Offshore Procedures (SDOP) or the Streamlined Foreign Offshore Procedures (SFOP). Our firm has recently received many inquiries regarding these new IRS Streamlined Offshore Procedures. These…
Offshore Compliance Programs Generate $8 Billion; IRS Urges People to Take Advantage of Voluntary Disclosure Programs
…2009, the Internal Revenue Service today reminded U.S. taxpayers with undisclosed offshore accounts that they should strongly consider existing paths established to come into full compliance with their federal tax…
Another Foreign Bank Charged by U.S. Department of Justice
…two biggest banks, and London-based HSBC Holdings Plc, Europe’s biggest bank. At least 21 bankers, advisers and attorneys also have been charged. The charges appear to be just the beginning…
Another Bank Discloses Accountholders: Credit Suisse to Turn Over U.S. Account Data
…certain accounts held between 2002 and 2010, according to a November 2nd letter sent to a client by the bank. The IRS sought data for accounts owned through domiciliary companies…
HSBC officially provides information on clients having accounts in India to the US Department of Justice and IRS
…informed its American clients having bank account in HSBC India that IRS has served a summons on the bank seeking information with regard to financial accounts of US persons maintained…
Solution: Streamlined Domestic Offshore Procedures
…file under the Streamlined Domestic Offshore Procedures (SDOP) or the Streamlined Foreign Offshore Procedures (SFOP). Our firm has recently received many inquiries regarding these new IRS Streamlined Offshore Procedures. These…
Another Local New Jersey client of HSBC India Pleads Guilty
…Foreign Bank and Financial Accounts, or FBARs. HSBC’s Geneva-based private bank is one of at least 11 Swiss firms under investigation by U.S. prosecutors investigating offshore tax evasion. HSBC’s Swiss…
IRS Targets Non-Resident Indians with HSBC Accounts
…offshore accounts with five bankers from a bank that has headquarters in England. The people familiar with the probe confirmed it to be the HSBC Bank. It was also said…
Streamlined Filing Compliance Procedure’s New Revisions to Streamlined Foreign Offshore Procedures (SFOP)
…file under the Streamlined Domestic Offshore Procedures (SDOP) or the Streamlined Foreign Offshore Procedures (SFOP). This article focuses on the SFOP. The Internal Revenue Service (IRS) recently modified the non-willfulness…
Quiet or Silent Disclosure Commentary from the Government Accountability Office
…that would otherwise be owed in offshore programs by reporting the existence of any offshore accounts and any income from the accounts on their current year’s tax return, without amending…
New Unreported Offshore Assets case: Bad facts leads to bad results
…he stashed in secret accounts at Credit Suisse, its subsidiaries, and another Swiss bank. Kim deliberately violated the U.S. bank secrecy laws by failing to report his foreign financial accounts…
The Misunderstood Extension of time to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR)
…required to file an FBAR in the following year. Foreign financial accounts include bank accounts, brokerage accounts, mutual funds and other pooled investment funds at foreign financial institutions, including many…
FBAR compared to Form 8938: Differences, Which to File, When to File, etc.
…submit Form 8938 and/or FinCEN Form 114 (Report of Foreign Bank and Financial Accounts) to the IRS. These forms are used by the IRS to keep track of your foreign…
Details of the Streamlined Foreign Offshore Procedures (SFOP)
…Offshore Procedure (SDOP)”) and another track for taxpayers who reside outside the United States (hereinafter “Streamline Foreign Offshore Procedure (SFOP)”). The eligibility requirements for the separate tracks have some notable…
Received a FATCA Letter from Your Foreign Bank?
If you have any US connections and have a non-U.S. bank account, you may have recently received a letter from your bank asking for your tax information. This may seem…
President Trump Revamps the IRS through his 2019 Taxpayer First Act
…taxes but does not know his or her identity (e.g., holders of offshore bank accounts), it can issue a summons (a “John Doe summons”) to a bank or other third…
IRS Offshore Voluntary Disclosure Programs Continue to Burden “Benign Actors” and Damage IRS Credibility
…Government Accountability Office (GAO) analysis shows that the offshore penalty paid by those with the smallest accounts (i.e., those in the 10th percentile with accounts of $78,315) was disproportionate –…
FATCA Enforcement Softens
…the U.S. and around the world with undisclosed offshore accounts, believes that FATCA is a game-changer in international tax compliance. FATCA should encourage more U.S. taxpayers with undisclosed offshore accounts…
What Happens to Your Digital Accounts In Case of Death
…include all of your online accounts including bank, investment, loan, insurance accounts, social media accounts, and email accounts. 2. Share your account logins and other secure information with a password…
India and the US have agreed to collaborate on offshore tax evasion
…includes careful scrutiny of bank electronic databases, bank paper files of account records, and interviews of bank managers and relationship managers regarding customers’ foreign status. If a customer is deemed…
Watch Out for Letters From Your Foreign Bank Requesting Information On Your U.S. Residency
…already registered the United States government to share their U.S. customer. Some examples of foreign banks’ FATCA compliance include: Scotia Bank, Deutsche Bank, Bank of China, and thousands of other…
New Court Case Limits the Reasonable cause exception to FBAR penalties
…File FBAR Forms? The United States Tax Code requires U.S. citizens and taxpayers with interest in foreign bank accounts or other financial accounts to file an annual report of those…
New Favorable Court Decision: One penalty (not multiple) applies for late FBAR filing
…filing of a single accurate “Report of Foreign Bank and Financial Accounts” (FBAR) that includes multiple foreign accounts. The Boyd case holds that the IRS may impose only one non-willful…
The FinCEN Files Leak
…clients with offshore bank accounts want to know if they can repatriate their funds to the U.S. without taking any affirmative steps such as a voluntary disclosure on the theory…
Top FBAR Reporting Error
The most common FBAR reporting mistake is simply failing to file. Some U.S. persons continue to deliberately conceal assets in secret offshore bank accounts in the hope of evading U.S….
In Addition to HSBC, Credit Suisse Also Being Investigated for Offshore Activities
…which is likely, it may be too late for U.S. taxpayers with undisclosed HSBC accounts to take advantage of the IRS Voluntary Disclosure Program for offshore accounts. The IRS says…
New Online System for Filing Your Report of Foreign Bank and Financial Accounts (FBAR)
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) on Monday said it has developed an electronic filing system for Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts…
IRS Announces New 2012 Offshore Voluntary Disclosure Program (OVDP)
The Internal Revenue Service today reopened the offshore voluntary disclosure program to help people hiding offshore accounts get current with their taxes. The IRS reopened the Offshore Voluntary Disclosure Program…
National Taxpayer Advocate Delivers Annual Report to Congress that Criticizes Offshore Voluntary Disclosure Programs
…Financial Accounts (FBAR)) to enter into an offshore voluntary disclosure (OVD) settlement program and pay an “offshore penalty” designed for bad actors. “Benign actors” with inadvertent violations generally had to…