FATCA Repeal Fails
...the IRS about their U.S. customers’ accounts. The U.S. loses an estimated $150 billion in tax revenue each year to tax haven abuse – a revenue shortfall that honest taxpayers...
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Another Swiss Bank Discloses Customer Names to the US
...Justice Department in the coming months. The BSI agreement also has substantial implications for account holders. If a U.S. taxpayer has an unreported account at a Swiss bank and enters...
Seminar: Navigating Foreign Waters: The Complex Requirements of Foreign Accounts Compliance on US tax laws
...Complex Requirements of Foreign Accounts Compliance on US tax laws to tax professionals on foreign account disclosure, FBARs, and compliance programs to The Institute of Chartered Accountants of India (ICAI)...
Hiding Money or Income Offshore Among the “Dirty Dozen” List of Tax Scams for the 2015 Filing Season
...Income Offshore Over the years, numerous individuals have been identified as evading U.S. taxes by hiding income in offshore banks, brokerage accounts or nominee entities and then using debit cards,...
Another Customer with Unreported Offshore Bank Accounts Pleads Guilty
...third person in which they discussed news accounts of the United States cracking down on untaxed earnings hidden in foreign bank accounts. At the time, U.S. officials were investigating UBS...
Internal Revenue Service announces new International Data Exchange Service: The Beginning of Information Sharing
...tax authorities. This will enhance our ability to detect hidden accounts and help ensure fairness in the tax system.” Where a jurisdiction has a reciprocal IGA and the jurisdiction has...
National Taxpayer Advocate Delivers Annual Report to Congress that Criticizes Offshore Voluntary Disclosure Programs
...tax—over ten times the 75 percent penalty for civil tax fraud—and those who were unrepresented generally paid even more. Analysis Because violations by taxpayers who have small accounts or are...
New Report: Delinquent Taxpayers Could be Identified at US Border Crossings
...Enforcement Communication System for delinquent taxpayers, and the U.S. Department of Homeland Security will then notify the IRS whenever the taxpayer travels into the U.S. During TIGTA’s interviews with a...
What Is The Difference Between the SDOP and the Current OVDP program?: Willfulness
...aff’d, No. 2012-5019 (Fed. Cir. 2012)). “[W]illfulness has been found where ‘the facts and circumstances of a particular case, taken as a whole, demonstrate’ that the taxpayer ‘knew or should...
First Indictment for FATCA Violation Announced
...combat international crime,” stated IRS Acting Special Agent-in-Charge Shantelle P. Kitchen. The indictment is the first time a FATCA violation has been charged as an “overt act” in furtherance of...
Watch Out for Letters From Your Foreign Bank Requesting Information On Your U.S. Residency
...situation with a U.S. tax professional to ensure they are compliant with U.S. reporting obligations related to the foreign account. All account holders should beware these new bank letters. The...
Citizenship renunciation fee increases as American expatriates flee FATCA
...Service as from April 2015, after which it will become much more difficult for US expatriates to remain below the US tax radar. Last year 3,000 US persons applied to...