According to the new data, 55,800 taxpayers have come into the Offshore Voluntary Disclosure Program (OVDP) to resolve their tax obligations, paying more than $9.9 billion in taxes, interest and penalties since 2009.
Showing that the IRS fight against secret offshore bank accounts is truly global, the Department of Justice and the Internal Revenue Service are trying to force a Singapore bank to disclose its information about an account held by a U.S. citizen residing in China.
IRS Issues Warning to Taxpayers With Undisclosed Offshore Accounts, Provides Offshore Disclosure Procedures Reports
On October 16, 2015, right after the 2014 tax filing season had completed, the Internal Revenue Service issued a report on the Offshore Voluntary Disclosure Procedures, urging the taxpayers with still undisclosed foreign accounts to come forward, or face serious consequences. The report also provided latest statistics on the Offshore Disclosure Program.
Father and Son Return Preparers Sentenced to Prison Terms for Assisting Clients to Hide Money in Israeli Banks
In a recent case, the government prosecuted two tax return preparers with offices located in California, Maryland and New York, for assisting wealth clients to hide millions of dollars in Israeli Banks.
The U.S. Department of Justice announced that two banks, Rothschild Bank AG and Banca Credinvest SA, have reached resolutions under the DOJ’s Swiss Bank Program.