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  • Tag Archives: OVDP

    Following an extensive investigation by the United States Justice Department, Swiss banking giant Credit Suisse pleaded guilty on Monday to aiding U.S. clients evade taxes. Eric Holder, U.S. Attorney General stated that the bank was involved in an “extensive and wide-ranging conspiracy” to help U.S. taxpayers avoid tax liabilities on their offshore income. He added […]

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    Credit Suisse testifies before Senate about secret Swiss bank accounts and plans to provide more names to IRS. As the United States Department of Justice closes in on its search through FATCA for US taxpayers who hid their funds to avoid tax liability, several international banks and their employees have been charged with aiding these […]

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    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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    Will my foreign real estate (property) be included in the calculation for the 27.5 OVDP FBAR penalty? One issue that comes up often is how foreign real estate effects how much our clients would owe under the 2012 IRS Offshore Voluntary Disclosure Program (known as the 2012 OVDP or IRS amnesty for offshore bank accounts […]

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    The IRS launched its first offshore voluntary disclosure program in 2009. Since then, the program has been reintroduced in 2011 and again in 2012 following strong interest. The IRS has collected more $5 billion in back taxes, interest and penalties from over 33,000 taxpayers who have disclosed their offshore accounts under the first two programs. […]

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