Let's resume our discussion about penalties for failure to properly report offshore assets.
Troubles continue for Swiss banks dealing with the long-running enforcement campaign by U.S. authorities on offshore account reporting.
Last month, we devoted a two-part post to the added pressure to disclose offshore accounts caused by the implementation of the Foreign Account Tax Compliance Act (FATCA).
In the first part of this post last week, we noted the Treasury Department's postponement of some of the withholding requirements that the Foreign Account Tax Compliance Act (FATCA) will require of foreign banks on accounts held by U.S. taxpayers.
Delays in implementing the Foreign Account Tax Compliance Act (FATCA) are nothing new. Writing about such delays today, the day after famed phrasemaker Yogi Berra died, one could rightly say that it's déjà vu all over again.
This is a follow-up to the post we did a week ago on the IRS's use of a procedure called a John Doe summons to seek information about undisclosed offshore accounts.
The IRS defines a John Doe summons as a summons directed against a taxpayer who is under investigation but whose name is not known. Such a summons can also be directed against a group of unidentified taxpayers.
It’s that time of year again for a reminder blog about FBAR, Form 114, Report of Foreign Bank and Financial Accounts filing requirements. The filing deadline is June 30 and there are no extensions.
The Internal Revenue Service has used a law that was designed to track cash to catch drug traffickers and terrorists to go after small business owners. The crime is structuring or depositing less than $10,000 cash in two or more deposits to avoid bank reporting requirements.