Tag Archives: OVDP

As you may know, the Internal Revenue Service (IRS) shut down its Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018. The OVDP allowed taxpayers to voluntarily disclose unreported foreign financial assets in order to avoid civil and criminal prosecution. In other words, the OVDP allowed those who may have willfully hid money in offshore […]

The deadline to file your FBAR is rapidly approaching. Here’s how to make sure you file FinCEN form 114 and properly disclose foreign assets and earnings.

The IRS is ending its Offshore Voluntary Disclosure Program (OVDP), which means that the last chance to take advantage of this hugely beneficial amnesty program is rapidly approaching.

If you hold foreign assets or earn money overseas, it’s critical that you are aware of your FBAR obligations. Learn more about how to protect yourself in the event of an FBAR audit.

In an increasingly connected economy, it’s important that private citizens and business owners tread carefully with tax implications both at home and abroad.

If you have tax issues stemming from underpayment or non-disclosure of foreign assets, you may have heard of the “OVDP” — the IRS’ Offshore Voluntary Disclosure Program. It’s a program the IRS offers taxpayers who are exposed to potential criminal liability and/or substantial civil penalties, due to mishandling of tax payments due on their foreign […]

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 […]

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 […]

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 […]

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 […]