December 21, 2011 - Commissioner Douglas H. Shulman Speaks at the IRS/Georg
Prepared Remarks of Douglas H. Shulman, Commissioner of Internal Revenue, Before the IRS/George Washington University 24th Annual Institute on Current Issues in International Taxation, Washington, DC, Dec. 15, 2011
December 20, 2011 - IRS Releases Guidance on Foreign Financial Asset Report
The Internal Revenue Service in coming days will release a new information reporting form that taxpayers will use starting this coming tax filing season to report specified foreign financial assets for tax year 2011.
December 8, 2011 - Information for U.S. Citizens or Dual Citizens Residing
taxpayers who owe no U.S. tax (e.g., due to the application of the foreign earned income exclusion or foreign tax credits) will owe no failure to file or failure to pay penalties. In addition, no FBAR penalty applies in the case of a violation that the IRS determines was due to reasonable cause.
December 7, 2011 - Client of UBS and Swiss Cantonal Bank Indicted for Consp
A federal grand jury in Fort Lauderdale, Fla., has returned an indictment charging Amir Zavieh of San Francisco with conspiring to defraud the Internal Revenue Service (IRS), the Justice Department and IRS announced today.
November 17, 2011 - HSBC India Client Indicted for Tax Evasion and Failing
According to the indictment, Desai, the owner of a medical device company, his wife and his two adult children maintained millions of dollars in undeclared bank accounts in India at The Hongkong and Shanghai Banking Corporation Ltd. (HSBC).
October 27, 2011 - Voluntary tax disclosures: Dispelling the myths
On Sept. 30, 2010, Prime Minister Harper made the following pledge in the House of Commons: “If Canadians are using Swiss bank accounts to avoid paying taxes in Canada, those people will face the full force of Canadian law.”
October 28, 2011 = TIGTA Report on 2009 OVDP
The 2009 Offshore Voluntary Disclosure Initiative Increased Taxpayer Compliance, but Some Improvements Are Needed
August 27, 2011 - IRS 2011 OVDI Deadline Extended to September 9, 2011
Due to the potential impact of Hurricane Irene, the IRS has extended the due date for offshore voluntary disclosure initiative requests until Sept. 9, 2011. For those taxpayers who have not yet submitted their request and any documents, the following actions are necessary by Sept. 9, 2011:
August 8, 2011 - IRS Reminds Taxpayers that the Aug. 31 Deadline Is Fast
“The time has come to get back into compliance with the U.S. tax system, because the risks of hiding money offshore keeps going up,” said IRS Commissioner Doug Shulman. “Our goal is to get people back into the system. The second voluntary initiative gives people a fair way to resolve their tax problems.”
August 2, 2011 - Former UBS Banker Charged with Helping U.S. Taxpayers
Martin Lack, a former UBS AG banker who is currently an independent asset manager, has been charged with conspiracy to defraud the United States, the Justice Department and the Internal Revenue Service (IRS) announced today.
July 25, 2011 - SWISS FINANCIAL ADVISOR INDICTED FOR CONSPIRING WITH MORE T
Beda Singenberger, a Swiss financial advisor, was indicted today for conspiring with various U.S. taxpayers and others to hide more than $184 million offshore at various Swiss banks, announced Preet Bharara, U.S. Attorney for the Southern District of New York; and Charles R. Pine, Special Agent-in-Charge of the New York Field Office of the Internal Revenue Service
July 22, 2011 - Swiss International Bank's Former Head of North America Off
Markus Walder, former head of North America Offshore Banking at an international bank headquartered in Zurich; Susanne D. Rüegg Meier, a former manager with the international bank; Andreas Bachmann, a former banker at a subsidiary of the international bank; and Josef Dörig, the founder of a Swiss trust company,
July 22, 2011 - Swiss International Bank's Former Head of North America Off
Markus Walder, former head of North America Offshore Banking at an international bank headquartered in Zurich; Susanne D. Rüegg Meier, a former manager with the international bank; Andreas Bachmann, a former banker at a subsidiary of the international bank; and Josef Dörig, the founder of a Swiss trust company, have been charged with conspiring with other Swiss bankers to defraud the United States
July 19, 2011 - IRS Notice 2011-53 on FATCA
his notice describes the timeline for the implementation of FATCA and discusses certain substantive and procedural matters that will be addressed in regulations...
July 19, 2011 - IR-2011-76 IRS Press Release on FATCA
Notice 2011-53, issued today by Treasury and the IRS, provides a workable timeline for FFIs and U.S. withholding agents to implement the various requirements of