News and Events

The official end of the IRS’ Offshore Voluntary Disclosure Program may have come as a shock to many with undisclosed bank accounts overseas. Those with undisclosed assets are at risk of IRS prosecution, severe audits, massive penalties and even jail time. If you have undisclosed offshore accounts, it is imperative that you speak with US International Tax Advisors to discuss your options. As a former IRS attorney, the closure of the OVDP is not very surprising at all. In fact, there are a number of reasons why this closure actually seems to be in the best interest of the IRS.

US International Tax Advisors was recently asked by a DC news source to comment on former Trump campaign chairman Paul Manafort’s trial taking place in a federal court in Alexandria, Virginia.

Tax fraud takes many different forms, but the main goal of tax fraud is to dishonestly avoid paying the taxes that are due.

Just a decade ago, the Swiss private banking industry was thriving as people and companies from across the world were able to invest their money discreetly to hide their funds from taxing authorities. However, a lot has changed as the U.S. government and other jurisdictions throughout the world have been aggressively cracking down on tax evasion.

On December 10, 2015 Corner Banca SA (Cornèr) reached a resolution with the United States Department of Justice (DOJ) under the Swiss Bank Program.  This resolution, along with the Bank Coop AG (Bank Coop) resolution which was entered into on the same day, brings the total number of financial institutions executing non-prosecution agreements under the Swiss Bank Program to total of 61.