IRS Hikes Offshore Account Penalty To 50% For Bank Leumi, Sovereign, 10 Others

By Robert W. Wood, Forbes.com

The IRS has updated its list of so-called bad foreign banks where offshore accounts trigger a 50% (rather than 27.5%) penalty in the Offshore Voluntary Disclosure Program (OVDP). The IRS added Sovereign Management and Legal, Ltd., plus certain branches of Bank Leumi. Neither addition should come as a surprise. Both banks have been targets of the Department of Justice.

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