Tag Archives: offshore accounts
Another Bank Discloses Accountholders: Credit Suisse to Turn Over U.S. Account Data
Earlier this month Credit Suisse Group AG, Switzerland’s second-biggest bank, told U.S. clients it is giving confidential client account data to the Swiss tax authorities, who will decide whether to disclose it to the Internal Revenue Service. The U.S. is
For Tax Professionals: A Guide to the IRS’s Voluntary Disclosure Practice
IRS Commissioner Shulman has invited persons with unreported foreign accounts to come forward and avail themselves of the IRS’s Voluntary Disclosure Practice. That practice is described in the Internal Revenue Manual 9.5.11.9. The Practice has a bearing upon whether the
With No More Amnesty Program: Explore the IRS’s Traditional Voluntary Disclosure program
Even though the deadline for the Internal Revenue Service’s 2011 Offshore Voluntary Disclosure Initiative has concluded last week, U.S. taxpayers with undisclosed offshore accounts still have the opportunity to come forward through the IRS’s traditional Voluntary Disclosure program. Like the
What HSBC India Accountholders Can Expect From the IRS
Our firm recently informally met with a US Department of Justice official (name withheld because official was not authorized to officially speak) in Washington DC regarding the pending summons served on HSBC India to reveal account information (including names, addresses,
IRS’ Takes Legal Action Against Offshore HSBC Indian Accounts
Last week the U.S. Justice Department asked a federal district court in San Francisco to force HSBC USA to disclose the names of their U.S. customers suspected of having secret bank accounts in India. The legal action comes after the
New Law’s Reporting Requirements Make It Very Likely That the IRS Will Now Know About Your Foreign Account
you should assume that the IRS will eventually be informed of your foreign account, and criminal prosecution for non-disclosure and non-reporting will likely follow
NJ Division of Taxation Offers Offshore Voluntary Compliance Initiative
The New Jersey Department of Treasury, Division of Taxation announced today that it will offer a Second Voluntary Compliance program to complement the Internal Revenue Service Second Special Voluntary Disclosure Initiative to identify assets and unreported income from previously sheltered
2011 Offshore Voluntary Disclosure Initiative Frequently Asked Questions (FAQs) and Answers
We have reviewed the new 2011 OVDI FAQs and noticed that the Service has refined and streamlined the voluntary disclosure process. Our firm prepared dozens of voluntary disclosure applications in 2009 and the new 2011 FAQs seem to resolve some
2011 Offshore Voluntary Disclosure Initiative (OVDI)
On February 8, 2011, the IRS announced the 2011 Offshore Voluntary Disclosure Initiative (OVDI), designed to bring offshore money back into the U.S. tax system and help people with undisclosed income from hidden offshore accounts get current with their taxes.
IRS Launches Second Offshore Voluntary Disclosure Initiative After Successful Prosecution
After a successful indictment of a New Jersey man with HSBC Bank accounts in India, the IRS introduced a new Voluntary Disclosure Program on February 8, 2011 for U.S. taxpayers with undisclosed offshore accounts. Last week, according to an indictment
New voluntary disclosure program for offshore accounts in 2011
The IRS...described the new program as “somewhat similar” to the prior program.
Is HSBC the next UBS nightmare?
clients with a foreign HSBC account should be seriously concerned about disclosure of the account to the government, which could result in criminal prosecution and significant civil penalties.