All posts by Marketingism

The Swiss government will consider ways to allow the country’s banks to hand over information to U.S. authorities after parliament blocked the bill that would have allowed the banks to dissolve secrecy laws. The lower house voted two-to-one against the bill, even though the upper house had backed it. The bill is the result of […]

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On June 7, 2013, Switzerland signed a Memorandum of Understanding (MOU) with the US on interpretations regarding US Foreign Account Tax Compliance Act (FATCA). The Swiss Federal Department of Finance stated: “Within the scope of the negotiations, both sides agreed to set out individual interpretations of a technical or administrative nature in a MOU.” Legislation […]

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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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The Justice Department announced on April 30 that a federal court had authorized the Internal Revenue Service to serve a “John Doe” summons on U.S. taxpayers who may have foreign bank accounts at Canadian Imperial Bank of Commerce’s First Caribbean International Bank (FCIB). The IRS uses such summons to obtain information about possible violations of […]

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Eight-time Grammy-award winning singer Lauryn Hill was set to be sentenced earlier this week for failing to pay hundreds of thousands of owed back taxes but her sentencing has been postponed for two weeks in order to pay restitution. Hill was charged with failing to file three years’ worth of tax returns and owes $504,000 […]

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The American Civil Liberties Union (ACLU), a non-profit organization whose mission is to protect the individual rights and liberties of individuals in the country, has reported that the IRS could be reading emails without a warrant. The ACLU filed a Freedom of Information Act request and reviewed 247 pages of IRS records to see if […]

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According to the IRS on March 14, 2013, the IRS has $917 million for people who have not filed a 2009 income tax return. There are an estimated 984,400 taxpayers who did not file a federal tax return for 2009. The IRS also estimated that half the potential refunds for 2009 are more than $500. […]

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On March 25th, the IRS announced the release of their annual compilation of facts and statistics in their 2012 Revenue Service Data Book for fiscal year 2012. This report reveals information about returns filed, taxes collected, enforcement actions, taxpayer assistance, and the IRS budget and workforce. According to the report, the IRS has collected close […]

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IRS to get names of U.S. taxpayers banking with Wegelin & Co. through a Connecticut based correspondent account with UBS. On January 28, U.S. District Judge William H. Pauley III signed an order in Manhattan federal court that authorized the IRS to serve a summons on UBS, the largest Swiss bank. The summons demanded that […]

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