2011 OVDI Deadline Extended
Because of Hurricane Irene, the IRS has decided to extend the application deadline for the 2011 Offshore Voluntary Disclosure Initiative to September 9th. The deadline had previously been August 31....
View ArticleOffshore Account Reporting – Bank Leumi, Bank Hapoalim, Mizrahi Tefahot Bank...
According to various reports the IRS is investigating the Israeli banks Bank Leumi, Bank Hapoalim and Mizrahi Tefahot Bank for conspiring with individuals to enter into a loan scheme intended to evade...
View ArticleWhy The Window May Be Closing to File for Offshore Voluntary Disclosure
This week has witnessed a small avalanche of articles in the press regarding IRS investigations of failure to disclose offshore foreign accounts. Just yesterday, a major article appeared in the Wall...
View ArticleQuiet Disclosures Are Making A Lot of Noise
Since the onset of the original Offshore Voluntary Disclosure Initiative (OVDI) in 2009 and its successor Offshore Voluntary Disclosure Program (OVDP) and subsequent progeny programs, taxpayers with...
View ArticleWells Fargo, FCIB and the IRS
If you have been a regular reader of our tax and corporate articles, it has been hard not to notice the IRS targeting banks and financial institutions more and more frequently in connection with...
View ArticleOffshore Bank Account Cooperation
In recent months, we have reported almost weekly regarding the IRS focusing its efforts on various financial institutions in its assault on tax evaders failing to disclose offshore bank accounts....
View ArticleIRS Accelerates Attack on Foreign Offshore Bank Accounts
Hardly a day passes when we do not hear of yet another country entering agreements with the IRS that have the effect of requiring financial institutions in those countries to make various disclosures...
View ArticleIRS Crackdown Expands With New Penalty For Banks
Today a key provision of the Foreign Account Tax Compliance Act (FATCA) goes into effect. The 2010 law aims to combat tax evasion accomplished through offshore accounts by setting up information...
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Swiss Banks Receive Fresh Round of Information Requests
The US Department of Justice has sent information requests to forty Swiss banks taking part in an information sharing program between the US and Switzerland. This program evolved out of the 2010...
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Offshore Disclosure — The Options
For the last several years, the IRS has made a concerted push to crackdown on undisclosed offshore accounts and foreign assets. The bottom line is of course to recover unpaid taxes. These efforts...
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