Tag Archives: unreported income

Bank Leumi Admits to Assisting U.S. Taxpayers in Hiding Assets in Offshore Bank Accounts

December 30, 2014  |   Posted by :   |   Tax Evasion,Unreported Income   |   0 Comments

Department of Justice, Office of Public Affairs, 12/22/14 A major Israeli international bank admitted that it conspired to aid and assist U.S. taxpayers to prepare and present false tax returns to the Internal Revenue Service (IRS) by hiding income and assets in offshore bank accounts in Israel and elsewhere around the world.  A deferred prosecution […]

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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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U.S. Justice Dept. Targets Former UBS Banker and Swiss Asset Manager

February 19, 2014  |   Posted by :   |   Tax Evasion,Unreported Income   |   0 Comments

A former senior UBS private banker has agreed to plead guilty in connection with a criminal indictment for selling offshore tax-evasion services to wealthy Americans, according to court documents. The former banker, Martin Lack, is a Swiss national who was indicted in 2011 in Florida on a charge of conspiracy to defraud the United States. […]

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IRS Unreported Income – Jeopardy Assessment

June 02, 2013  |   Posted by :   |   Unreported Income,Voluntary Disclosure   |   0 Comments

Under a jeopardy assessment, Taxpayers who have unreported income may be subject to immediate IRS seizure of assets. If the IRS determines that tax collection is at risk, the IRS may immediately seize taxpayer assets without prior notice. The IRS must have made a determination that a deficiency existed and that tax collection would be […]

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IRS Tax Evasion – Willfulness Defense

May 03, 2013  |   Posted by :   |   Tax Evasion,Unreported Income,Voluntary Disclosure   |   0 Comments

U.S. taxpayers who fail to file tax returns or pay taxes due, face a felony for willful evasion of tax (IRC Sec. 7201). U.S. taxpayers, particularly international investors who are classified as U.S. taxpayers, under either the “Substantial Presence Test” or “Green Card Test”, often defend their tax non-compliance by stating that they were “unaware […]

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Unreported Swiss IRS Bank Accounts

May 02, 2013  |   Posted by :   |   Tax Evasion,Unreported Income   |   0 Comments

IRS UBS/Wegelin Summons U.S. Taxpayers with unreported foreign bank accounts/income from those accounts face civil and criminal prosecution from accounts held at Swiss Banks: UBS/Wegelin Bank. Under a recently issued IRS summons (approved by U.S. Federal Court), the IRS has summoned wire transfer information from UBS Correspondent Bank Accounts (in Connecticut) to disclose the identity […]

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UBS Ordered to Provide IRS with Information on other Swiss Banks

February 27, 2013  |   Posted by :   |   Unreported Income   |   0 Comments

By Michael Cohn, Accounting Today 1/29/13 “On 1/29/13, Judge Pauley (Federal Judge, U.S. District Judge William H. Pauley III) directed the IRS to issue a summons requiring the Swiss Bank, UBS, to produce information about U.S. taxpayers who were trying to evade U.S. income taxes by holding accounts at other Swiss banks that did business […]

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Tax Evasion and Money Laundering

December 02, 2012  |   Posted by :   |   Tax Evasion   |   0 Comments

“Money Laundering” is the disguise of the nature or the origin of funds. The predicate offenses (known as Specified Unlawful Activities; i.e. “SUA”), under the Money Laundering Control Act (18 U.S.C. Sec. 1956 and 1957) include: state tax evasion, federal tax evasion and foreign tax evasion. A U.S. Taxpayer (or Foreign Taxpayer) may be held […]

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