May 7, 2012 - Businessman with Swiss Bank Account Pleads Guilty to Charge o
For those tax years, 2006 and 2007, the defendant was required to file a United States tax return, to report his worldwide income, and to declare the existence of any foreign based financial account at UBS AG in Switzerland, in which he had an interest and contained assets in excess of $10,000.
April 4, 2012 - Comparison of Form 8938 and FBAR Requirements
The new Form 8938 filing requirement does not replace or otherwise affect a taxpayer’s obligation to file Form TD F 90-22.1 (Report of Foreign Bank and Financial Accounts). Individuals must file each form for which they meet the relevant reporting threshold.
Feb 24, 2012 - TENNESSEE COUPLE PLEAD GUILTY TO TAX CRIMES
the Palmers maintained funds in an offshore bank account in the name of The Liahona LLC, an entity of which they were the sole members and managers. Due to the income they received during the prosecution years, the Palmers were required to file tax returns, however, they failed to do so.
Feb 20, 2012 - Treasury, IRS Issue Proposed Regulations for FATCA Implement
The regulations lay out a step-by-step process for U.S. account identification, information reporting, and withholding requirements for foreign financial institutions (FFIs), other foreign entities, and U.S. withholding agents
February 3, 2012 - Swiss Bank Indicted on U.S. Tax Charges
Wegelin & Co., a Swiss private bank, was indicted today for conspiring with U.S. taxpayers and others to hide more than $1.2 billion in secret accounts and the income these accounts generated from the Internal Revenue Service (IRS), the Justice Department announced today.
January 31, 2012 - UBS Clients and Tax Attorney Indicted in Phoenix for Hid
DOJ Press Release: UBS Clients and Tax Attorney Indicted in Phoenix for Hiding Assets in Secret Foreign Bank Accounts
January 18, 2012 - IRS Releases New Tax Gap Estimates
The Internal Revenue Service today released a new set of tax gap estimates for tax year 2006. The tax gap is defined as the amount of tax liability faced by taxpayers that is not paid on time.
January 9, 2012 - IRS Announces New Disclosure Program
IRS Announces New Disclosure Program. 27% percent penalty.....
Jan 4, 2012 - Official Indictment of Bankers who worked for Wegelin
Official Indictment of 3 Bankers who worked for Wegelin
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.”