The IRS has listed hiding income and assets in offshore accounts in its "Dirty Dozen" annual scam target list. This is yet another signal to US taxpayers who have not yet come into compliance with the IRS and FBAR reporting reporting requirements relating to their offshore financial activities. The IRS...
IRS Adds Banks to the List of 50% OVDP Penalty Institutions
The IRS continues to add more and more international banks, financial and investment firms to its list of 50% OVDP penalty institutions each month. The list is based upon the IRS' determination that the bank or institution has actively helped US taxpayers to shelter income or avoid paying US taxes....
This is the Last Year FBARs will be Due to the IRS by June 30
This is the last year that the Report of Foreign Bank and Financial Accounts, or FBAR, will be due to the IRS on June 30 (for tax year 2015). When filing an FBAR for this calendar tax year, 2016, it will be due earlier than previous years - April 15, 2017. This is...
IRS Adds 7 More Swiss Banks to 50% OVDP Penalty List
The IRS has added 7 more Swiss banks to the 50% OVDP Penalty List in December, and now more than 100 Swiss banks are providing information about US taxpayers accounts and transactions directly to the IRS. For those US taxpayers who have already come into FBAR compliance with the IRS...
US Has Now Reached FATCA Agreements with 75 Swiss Banks
An agreement reached just before Christmas means that the US has reached FATCA agreements with 75 Swiss banks. The US Department of Justice has confirmed penalties exceeding $178 Million from 4 Swiss bank agreements including: Banque Cantonal du Valais (BC Valais) Gonet & Cie or simply Gonet Bank J. Safra...
Why Should US Taxpayers With Offshore Accounts and Assets Be Cautious When Considering the Streamlined Domestic Offshore Procedures?
Why shouldn't every US taxpayer with offshore accounts or assets choose the Streamlined Domestic Offshore Procedures when coming into compliance with the IRS and FBAR reporting requirements under FATCA? Why wouldn't a US taxpayer simply want to claim "non-willful" conduct in their disclosures of offshore bank accounts, investments and assets...
Landmark Case May Help to Determine Willful vs Non-Willful Offshore Conduct – Swiss Man Sues IRS
In what is potentially a landmark lawsuit regarding the reporting of offshore accounts and assets to the IRS through FBAR and other forms, a Swiss man has filed a lawsuit against the IRS disputing "willful" versus "non-willful" behavior. It is interesting to note that this man, Bernhard Gubser, left one...
Over 100 Swiss Banks Have Accepted US FATCA Deal – FBAR Foreign DIsclosures Increasing
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Thursday, December 17, 2015. The IRS recently announced the addition of several foreign banks and institutions to its list of 50% OVDP penalty institutions. These banks have been found by the IRS to help US taxpayers...
Over 177,000 Offshore Banks and Institutions Providing Financial Information to the IRS
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FATCA on Wednesday, December 2, 2015. The IRS has announced that FATCA agreements have led to the exchange of financial information regarding US taxpayers with 177,147 institutions in more than 200 sovereign nations and legal jurisdictions. The list...