IRS Rescinds Amnesty Approval for Bank Leumi Clients
Court Allows IRS to Serve Summons on UBS Seeking Data on Wegelin Customers
Wegelin & Co, the oldest Swiss private bank, will shut down permanently after more than 250 years of operations, following its guilty plea to U.S. charges of helping Americans to evade taxes through secret accounts.
Tax Preparers Indicted for Tax Fraud Using Israeli Bank Accounts
This case is another example of the government’s efforts to crack down on the offshore tax evasion and enforce FBAR rules. Although not every case where a foreign bank account was not properly reported bears a high risk of criminal prosecution, those type of situations are very sensitive and taxpayers with undeclared foreign bank accounts are encouraged to consult tax attorneys in order to evaluate their options.
Those taxpayers who are not U.S. citizens, and are convicted of filing a false tax return under Internal Revenue Code section 7206(1), may be deported from the United States.