July 1, 2011 - NATIONAL TAXPAYER ADVOCATE
Report is critical of IRS for misleading Tax Professionals and Taxpayers in regards to Offshore Voluntary Disclosure Program.
June 29, 2011 - HSBC INDIA CLIENT INDICTED FOR FILING FALSE TAX RETURNS AND
Dr. Arvind Ahuja of Greendale, Wis., was indicted today by a federal grand jury in Milwaukee on four counts of willfully filing materially false tax returns and four counts of failing to file Reports of Foreign Bank and Financial Accounts (FBARs), the Department of Justice and Internal Revenue Service (IRS) announced.
June 28, 2011 - FORMER UBS CLIENT PLEADS GUILTY IN MANHATTAN FEDERAL
Taxpayer Is Sixth In This District To Plead Guilty In Scheme Agrees To Pay Over $9.8 Million Civil Penalty
June 22, 2011 - IRS Notice 2011-55 concering Form 8938
Compliance with sections 6038D and 1298(f) does not relieve a person of the
responsibility to file Form TD F 90-22.1, “Report of Foreign Bank and Financial
Accounts,” (FBAR) if the FBAR is otherwise required to be filed.
June 21, 2011 - CALIFORNIA UBS CLIENTS PLEAD GUILTY TO HIDING ASSETS IN SEC
Sean Roberts and Nadia Roberts of Tehachapi, Calif., pleaded guilty before U.S. District Judge Anthony W. Ishii of the Eastern District of California to a criminal information charging them with filing a false tax return related to an undisclosed Swiss bank account that they maintained at UBS, as well as other offshore bank accounts
June 6, 2011 - IRS Issues Guidance on Opting Out of Vol. Disc. Program
This memo is from Steven T. Miller (Deputy Commissioner for Services and Enforcement)
June 3, 2011 - IRS Update 2011 OVDI FAQs
The IRS issued updated Frequently Asked Questions on June 2, 2011. The updates include a provision that allows taxpayers to request a 90 day extension of time to complete their 2011 OVDI submission.
May 24, 2011 - New Jersey UBS Client Sentenced for Failing to Report More T
An Oradell, N.J., man was sentenced today to three years of probation – including 12 months of home confinement with electronic monitoring – after admitting he failed to file a Report of Foreign Bank and Financial Accounts (FBAR), concealing more than $1 million in Swiss bank accounts,
May 19, 2011 - BANK DIRECTOR CHARGED WITH HIDING FOREIGN ASSETS
According to the criminal information and plea agreement filed today, from 2003 to 2008, Michael Schiavo, 53, of Westford, Mass., held an account in his name at HSBC Bank Bermuda (formerly the Bank of Bermuda).
May 12, 2011 - HEDGE FUND BILLIONAIRE RAJ RAJARATNAM FOUND GUILTY, DOJ SAYS
Raj Rajaratnam was found guilty today by a jury in Manhattan federal court of conspiracy and securities fraud crimes stemming from his involvement in the largest hedge fund insider trading scheme in history, announced the Justice Department.
May 11, 2011 - Man Indicted for Tax Evasion in Tennessee
Ross failed to pay taxes.... filing a false mortgage upon his residence and a false lien upon his vehicle, dealing extensively in cash, and directing funds to an offshore bank account.
May 3, 2011 - Advising Clients About the 2011 Offshore Amnesty Program
Advising clients about the 2011 OVDI and offshore enforcement update.
April 14, 2011 - NEW YORK WOMAN PLEADS GUILTY TO FILING A FALSE TAX RETURN;
Josephine Bhasin, a resident of Huntington, N.Y., pleaded guilty before U.S. Magistrate Judge E. Thomas Boyle in Central Islip, N.Y., to filing a false 2008 individual income tax return that did not report her ownership of a bank account in India at the Hongkong and Shanghai Banking Corporation Limited (HSBC India),
April 8, 2011 - Don’t Fall Prey to the 2011 Dirty Dozen Tax Scams
The IRS aggressively pursues taxpayers involved in abusive offshore transactions as well as the promoters, professionals and others who facilitate or enable these schemes. Taxpayers have tried to avoid or evade U.S. income tax by hiding income in offshore banks, brokerage accounts or through the use of nominee entities.
April 7, 2011 - U.S. Seeks HSBC Customers’ Names as Part of Tax Inquiry
The Justice Department asked a federal court on Thursday for permission to force HSBC, the London-based bank, to turn over the names of wealthy American clients suspected of evading taxes through offshore accounts at its affiliate in India.