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offshore accounts Archives

FATCA conviction shows long arm of U.S. offshore crackdown

The Foreign Account Tax Compliance Act (FATCA) came with a stick as well as carrots. The federal law requires foreign financial institutions to share U.S. taxpayer information for holdings whether through direct ownership or another foreign entity. The aim was to make it harder to hide assets offshore to avoid federal tax.

Plea in offshore account case as IRS ends amnesty program

In 2010, a L.A. taxpayer failed to report more than one million dollars sitting in his Israeli Bank Leumi account on a FBAR (now FinCEN Form 114). He also requested that the bank refrain from mailing statements to the United States and tapped the funds through a loan scheme.

IRS Criminal Investigations: Focus on data and international

IRS Criminal Investigation (CI) chief Don Fort recently announced two new programs that will focus on data analysis and international tax enforcement. Sworn in on June 26, the new chief has spent 26 years as criminal investigation agent.

Automatic extensions of FBAR filing deadlines

The Financial Crimes Enforcement Network (FinCEN) – a department in the Treasury – is ending the year with something of a gift for taxpayers with international financial holdings. In the past, the June 30 deadline to file a disclosure did not coordinate with other well-known tax deadlines and taxpayers were not allowed extensions.

Offshore accounts: 7 years & $10 billion in collections

U.S. taxpayers are required to pay taxes on their global income. Since 2009, the IRS has devoted significant resources to investigate and prosecute those who failed to disclose or pay tax on income derived from these offshore holdings.