All posts by Abajian Law

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 […]

Read More

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 […]

Read More

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 […]

Read More

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. […]

Read More

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 […]

Read More

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 […]

Read More

Mary Estelle Curran, 79, pleaded guilty on January 8, 2013 to using foreign bank accounts to hide more than $42 million from the IRS. This is one of the largest cases in the continuing U.S. crackdown on offshore tax evasion. Federal authorities with the Justice Department said Curran failed to declare income from 2001-2007 when […]

Read More

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 […]

Read More

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. […]

Read More

Wegelin & Co, the oldest Swiss private bank, announced on January 3rd it would be closing after more than 2 ½ centuries. This closure is following its guilty plea to charges of helping Americans evade taxes through secret accounts. It is the first foreign bank to plead guilty to U.S. tax charges. The bank admitted […]

Read More