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...
IRS Targets Bitcoin Transactions in Federal Case Here in California
There is an interesting case which has been filed in a California Federal Court. Concerns are mounting as the IRS targets bitcoin transactions through Coinbase, a bitcoin exchange, through the strategy of a "John Doe Summons." The IRS has used this strategy in the past in an attempt to force...
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...
CRS GATCA and the OECD – The Impact of FATCA
There are a lot of new acronyms in the world of international taxation. What do CRS GATCA and the OECD have to do with FATCA and offshore bank accounts? What impact has FATCA had upon other sovereign entities around the world? If are a US taxpayer and you have offshore...
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...