The Organization for Economic Co-Operation and Development or OECD is comprised of 35 member nations including the United States, almost all of Europe, Canada and Mexico, Australia, Turkey, Korea and Japan have ordered banks to implement new procedures. Letters are going out around the world from global banks warning customers...
University Professor Pays a $100 Million FBAR Penalty to the IRS
The University of Rochester has gained unexpected notoriety recently as one of it's professors faces sentencing in a criminal tax evasion scheme. The University professor pays a $100 Million FBAR penalty to the IRS for failure to disclose Swiss accounts while awaiting his sentence in February that may contain additional...
Argentina’s Aggressive Offshore Tax Strategy Results in Threat to Account Holders of Major US Bank
The implementation of global forms of the US FATCA tax initiative, often referred to as GATCA (Global FATCA) continue to gain steam in Central and South America. This week a major US bank threatened to close the accounts of Argentinians with "undeclared funds." JP Morgan announced this week that "all funds...
World Leaders Developing New Standards to Identify and Exchange Beneficial Ownership Information
The goal of financial transparency worldwide is gaining momentum. The US FATCA initiative has spawned like legislation around the globe. The benefit of taxation derived from the discovery of offshore taxpayer financial accounts and interests has world leaders developing new standards to identify and exchange beneficial ownership information for bank...
Mexico and South America to Implement Their Own FATCA Regulations
Just when many thought the wave of IRS focus on offshore accounts and investments had passed the next wave has reached our shores. The recent decisions by Mexico and South America to implement their own FATCA regulations means a continued tightening of inter-agency communication and international monetary tracking. The success...
IRS Disclosed More than $10 Billion Collected from FBAR Compliance
This week John Koskinen, IRS Commissioner, claimed success based upon FATCA driven voluntary disclosures by US taxapayers. The IRS disclosed more than $10 Billion collected from FBAR compliance through the Offshore Voluntary Disclosure Program or OVDP and the Streamlined Domestic Offshore Procedures. “The IRS has passed several major milestones in...
IRS FBAR Audits and Prosecutions Have Begun
The IRS FBAR audits and prosecutions have begun and the clock is ticking for those who have yet to come into full FBAR compliance with the IRS. A Connecticut man recently plead guilty to the offshore scheme he used to conceal income from the IRS. The man, a duty-free importer...
Texas Case Shows a Piece of IRS Offshore Willful Analysis Strategy
Earlier this year the IRS, with the help of a US Bankruptcy Judge, successfully pierced a complex strategy by two Texas brothers Sam and Charles Wyly. The Wyly brothers were accused by the IRS of tax fraud related to the funneling of money and assets to offshore banks through a comprehensive series...
What does a Professional Foreign National Working in San Diego Need to Know about the IRS?
Have you come into the San Diego area on an H1-B visa in order to work in one of our high tech or research companies? What does a professional foreign national working in San Diego need to know about the IRS, offshore account and asset reporting and FBAR compliance? Many...