Accounting Today reports that one of Switzerland’s oldest banks, Clariden Leu, has become the latest to cooperate with U.S. tax authorities in disclosing the names of American investors: The bank has begun notifying some of its U.S. customers that it plans to reveal their names and account information to the Internal Revenue Service, according to [...]
Tags: Announcements · International Taxation · IRS Audits · News · Tax Crimes
Fortunately, the Milwaukee Brewers surprising loss to the St. Louis Cardinals in the National League Championship Series has not blurred Milwaukee lawyer and blogger Brian Mahany‘s judgment in tax matters.¹ Mahany, proprietor of the law blog, Due Diligence, gives some excellent advice to prospective offshore investors in Looking to Evade Taxes? There are Still Plenty of People Willing to [...]
Tags: International Taxation · IRS Audits · Tax Crimes
The IRS is apparently so happy with the results of it’s offshore voluntary disclosure program that it has established a similar program in the area of worker classification. Michael Cohn of AccountingToday writes that the IRS has introduced a new voluntary compliance program Wednesday to convince employers to resolve their past issues with classifying employees as independent [...]
Tags: Announcements · IRS Audits · IRS Penalties · News · Payroll Taxes · voluntary disclosure
The IRS has just announced that is extending the deadline for taxpayers to participate in the Offshore Voluntary Disclosure Initiative. The original deadline was August 31, 2011. This means there is still plenty of time for taxpayers with offshore bank accounts and unreported income to file for pre-clearance into the program and begin the process [...]
Tags: Announcements · International Taxation · IRS Penalties · News · Tax Crimes
It’s a crime not to report your foreign earnings on your federal income tax returns. It is likewise illegal not to report your foreign bank account holdings to the Treasury Deparment. But there is good news: If you amend your tax returns and file your past due Foreign Bank Account Returns (FBARs) by August 31, 2011, the IRS will: [...]
Tags: International Taxation · IRS Penalties · Tax Crimes
Jack Townsend reports that the IRS has announced a new special voluntary disclosure program: For now, I will just link to the announcement here and provide only the bullet points I see with no (or very limited) editorial comment: 1. The deal is available through 8/31/11. (Note, however, taxpayers must “file” the required amended income tax [...]
Tags: International Taxation · voluntary disclosure
Neutral Switzerland is getting it’s ass handed to it for taking sides with tax cheats. Jack Townsend of Federal Tax Crimes blog says that Germany is following America’s lead in pursuing Swiss banks for allowing tax scofflaws to evade taxes in their home countries: German authorities are raiding German offices of Credit Suisse. As noted in [...]
Tags: International Taxation · News · Tax Crimes
