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Category: News - Page 15

New FBAR Rules Could Be On the Way

Posted in News on July 13, 2016

Each year, taxpayers with offshore accounts are required to file Reports of Foreign Bank and Financial Accounts (FBARs).  Failure to file these reports can have significant consequences, including substantial financial penalties. That said, anyone with money offshore needs to know the rules and comply with them.

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Could More IRS Audits Be on the Horizon?

Posted in News on July 11, 2016

The Internal Revenue Service has faced substantial cuts in its budget in recent years, which has brought audit levels down significantly. Many taxpayers have been relieved at the reduced chances of being audited, especially in light of how burdensome Internal Revenue Service audits can be.

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The Panama Papers

Posted in News on July 8, 2016

President Obama and the United States Treasury Department have been aggressively going after banks and even individual accountholders in connection with undeclared offshore accounts. In recent years, there has been a strong focus on so-called global tax transparency, which forces banks and accountholders to provide extensive information to taxing authorities. This can, in some cases, damage accountholders who have funds in offshore institutions but haven't really done anything wrong.

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Foreign Financial Institutions or Facilitators

Posted in News on March 16, 2016

Download the full list of 72 banks that have reached an agreement with the IRS.

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NPA Agreements Executed Under the Swiss Bank Program Surpass Sixty in Number

Posted in News on March 16, 2016

On December 10, 2015 the United States Department of Justice announced that it had reached resolutions with Cornèr Banca SA (Cornèr) and Bank Coop AG (Bank Coop) under the department’s Swiss Bank Program.

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