Theft of Tax Data May Help U.S. Fight Tax Evasion

The next step in the IRS fight against offshore tax evasion may lead to the government’s use of stolen data. Tax data thefts at HSBC in Switzerland and other offshore banks are leading more whistleblowers to come forward to U.S. tax authorities, Kevin Downing, a top Department of Justice prosecutor said on March 5, 2010.

IRS Calls Offshore Voluntary Disclosure Program a Success. What if You Did Not Participate in the Program?

IRS Commissioner Doug Shulman warned that there will be no new deal regarding undisclosed offshore income once an amnesty deadline expires on October 15th.

Another client of UBS AG pleads guilty to filing a federal income tax return. The deadline for IRS Voluntary Disclosure of foreign financial accounts expires on October 15, 2009.

IRS Voluntary Disclosure Program for offshore bank accounts and Foreign Bank Account Report (“FBAR”) is going to expire next week, on September 23, 2009

In 2008, the California State Board of Equalization initiated a program to increase prosecution of violations California Revenue and Tax Code section 6071 (engaging in a sales business without a valid California seller’s permit).  If you received BOE-420-R Letter, Notice to Appear, then the State Board of Equalization has determined tha t you are conducting sales [...]

On May 13, 2008, the Chief Counsel of the State Board of Equalization issued its legal opinion supporting the Board’s program to pursue criminal violations of Revenue and Tax Code Section 6071 (engaging in a sales business without a valid California seller’s permit) by using the Board Investigation Division employees rathar, than exclusively pursuing prosecution by referring violations [...]

Offshore Tax Evasion by UBS Client