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  • Tag Archives: Foreign Bank Accounts

    U.S. bank authorities are actively seeking to find and charge American taxpayers who are suspected of tax evasion by hiding assets and income in foreign bank accounts. Their newest efforts involve authorizing special summonses in order to gather information of American tax evaders of Switzerland’s Zurcher Kantonalbank and Bermuda’s N.T. Butterfield & Son. Even though […]

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    Lebanon has long been hailed as “Switzerland of the Middle East” because of its Banking Secrecy Law that was passed in 1965. This law restricted banks from revealing client names or account information to any individual or authority. However, with the IRS searching for American tax dodgers abroad; it is now becoming increasingly difficult to […]

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    A common question that many taxpayers have is whether closing a foreign bank account will help with any FBAR obligations or reporting requirements past or present. Even if an account is open for just one day, there is an FBAR filing requirement if the aggregate value of the account or accounts exceeds $10,000. For example, […]

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    United States v. Canale is another recent example of the possible outcome for U.S. taxpayers who do not disclosure income from foreign bank accounts and the fact that the account existed. Participation in the IRS Offshore Voluntary Disclosure Program (OVDP) would have resulted in no jail time and a far lesser monetary penalty. Michael Canale, […]

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    In a Tax Notes Today report of statements made at the Eastern Pennsylvania Working Together Conference in Malvern, PA, Jason Kuratnick, IRS Associate Area Counsel (Philadelphia), Small Business/Self-Employed Division is reported to have said. The IRS may send a warning letter in lieu of asserting penalties for failure to file a Form TD F 90-22.1, […]

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    Switzerland’s oldest bank was indicted back on February 02, 2012 for conspiring with U.S. taxpayers and others to hide more than $1.2 billion in secret offshore foreign banks and financial accounts and the income they generated from the IRS. It was the first time in history that an overseas bank was indicted by the United […]

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    According to an exclusive report by Reuters, U.S. authorities are focusing on Bank Hapoalim, Bank Leumi, and Mizrahi-Tefahot. The three Israeli banks have Swiss outposts and were sent a letter dated August 31, 2011 from Deputy Attorney James Cole of the DOJ giving them until September 23, 2011 to produce broad statistical information on their […]

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