Archive | June, 2014

IRS Announces Modifications to Offshore Voluntary Disclosure Program

June 27, 2014  |   Posted by :   |   OVDP,Tax Evasion,Unreported Income   |   0 Comments

The IRS has amended their Offshore Voluntary Disclosure Program to require that the Taxpayer pay a 50% penalty (instead of the previous 27.5%) of the account balance at the time of the OVDP application if the financial institution where they maintained the account is under IRS or Dept. of Justice Investigation. The following Swiss Banks […]

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Court Upholds Record FBAR Penalties, Exceeding Offshore Account Balance

June 20, 2014  |   Posted by :   |   FATCA/FBAR,Tax Evasion,Unreported Income   |   0 Comments

In the case of Carl Zwerner a $1.69 million undisclosed offshore Swiss Bank account (ABN/AMRO) cost the Florida taxpayer $3.48 million for FBAR (and other) violations (i.e. two times the account value). The jury found Zwerner willful and imposed the FBAR 50% penalty. The Zwerner case confirms: 1. The IRS/OVDP risks (the taxpayer applied, was […]

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ZKB CEO Says Bank Expects Talks With U.S. on Tax Probe This Year

June 17, 2014  |   Posted by :   |   Tax Evasion   |   0 Comments

By Carolyn Bandel, Zuercher Kantonalbank, one of about a dozen Swiss banks under investigation over whether they helped Americans evade taxes, expects to start talks with U.S. prosecutors this year to resolve the allegations. Chief Executive Officer Martin Scholl said in an interview in Zurich today that he is waiting to hear from U.S. […]

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Bank Leumi Says Talks to Settle U.S. Tax Probe in Advanced Stage

June 10, 2014  |   Posted by :   |   Tax Evasion,Unreported Income   |   0 Comments

By David Voreacos, Jun 8, 2014 – Bank Leumi Le-Israel Ltd. said it’s in advanced talks to settle a U.S. investigation into whether it helped Americans evade taxes and has set aside 950 million shekels ($275 million) to resolve the matter. The bank, Israel’s second-largest, won’t plead guilty under an accord still being negotiated, […]

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New Jersey Man Pleads Guilty In Manhattan Federal Court To Hiding Over $1 Million In Secret Swiss Bank Account

June 06, 2014  |   Posted by :   |   Tax Evasion,Unreported Income   |   0 Comments

Preet Bharara, the United States Attorney for the Southern District of New York, and Shantelle P. Kitchen, the Acting Special Agent-in-Charge of the New York Office of the Internal Revenue Service, Criminal Investigation (“IRS-CI”), announced that VIKTOR KORDASH pled guilty today to willfully failing to file Reports of Foreign Bank and Financial Accounts (“FBARs”) with […]

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77,000 Foreign Banks to Share Tax Info With IRS

June 04, 2014  |   Posted by :   |   Unreported Income   |   0 Comments

By Stephen Ohlemacher, Associated Press More than 77,000 foreign banks have agreed to share information about U.S. account holders as part of a crackdown on offshore tax evasion, the Treasury Department said Monday. The list includes 515 Russian financial institutions. Russian banks had to apply directly to the Internal Revenue Service because the U.S. broke […]

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