All posts by Abajian Law

A major change in the way taxpayers could disclose foreign bank accounts happened in June of 2014 when the IRS implemented changes to its OVDP and streamlined reporting programs. Among the changes made to the OVDP is an increase in the miscellaneous offshore penalty from 27.5% to 50% where the individual had an account at […]

Former top Swiss banking executive Raoul Weil was acquitted of charges that he helped wealthy American client hide their $20 billion in secret accounts. The jury deliberated for just 90 minutes before reaching their verdict. Charges for conspiring to defraud the U.S. government include five years in prison and $250,000 in fines. While Raoul Weil’s […]

Also Referred to as the 2014 OVDP. The 2014 OVDP is a continuation of the 2012 OVDP but for a few changes.  This article attempts to highlight the changes and discuss why they are significant.  The changes are as follows: Increased 50% Penalty A 50% offshore penalty applies if either a foreign financial institution at […]

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 […]

The IRS’ (Internal Revenue Service) Criminal Investigation (CI) division issues informative reports for every fiscal year in order to highlight its main areas of focus. There were some important issues highlighted in the report for fiscal year 2013 published earlier this year in February. There was a 12.5% increase from 2012 in criminal investigations completed […]

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 […]

In September 2013, Beanie Babies creator Ty Warner was in the news for evading taxes through offshore Swiss accounts. In October, Warner pleaded guilty to tax evasion; in January, he was sentenced in U.S. District Court to Chicago to 2 years’ probation and a minimum of 500 hours of community service. Warner also faces a […]

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 […]

Another Swiss executive joins the growing list of Swiss bankers and executives who have been charged with allegedly aiding wealthy Americans in tax evasion. Raoul Weil, former head of UBS’s global wealth management business and a Swiss Citizen, was arrested in Bologna on October 19. In November 2008, when he was still working with UBS, […]

Vic Abajian, attended the annual Tax Controversy Institute on October 22, 2013. This is his 12th year attending. The institute brings together sophisticated tax practitioners from the federal government, judiciary, and private practice to discuss and debate the procedures, policies, and strategies that are involved in resolving difficult tax controversy issues. Future challenges of the […]