Israeli Bank Client Sentenced for Hiding Income From Undisclosed Account
Another victory for the government in their fight against hidden offshore accounts was announced today in Los Angeles.
Major Changes in Offshore Voluntary Disclosure Program
IRS Announces Major Changes to Offshore Voluntary Disclosure Program
Jury Finds 150% FBAR Penalty Applicable
In the case of USA v. Carl Zwerner, the jury found that willful FBAR penalties of 50% of the account value applied to multiple years, thus, making the aggregate FBAR penalty equal to 150% of the account balance.
IRS Announces 2-Year Transition Period on FATCA Enforcement
IRS and Department of Treasury announced that calendar years 2014 and 2015 will be considered as a transition period for purposes of IRS enforcement and administration with respect to the implementation of the Foreign Account Tax Compliance Act (FATCA)
Goldman Sachs and Morgan Stanley Participate in Swiss Bank Disclosure Program, Will Reveal Account Information to DOJ
Swiss units of Goldman Sachs and Morgan Stanley are among more than 100 Swiss banks participating in the Department of Justice amnesty program.
Swiss Banks Are Entering Disclosure Program as Deadline Approaches
As the December 31st deadline is approaching, about a dozen of Swiss banks have indicated that they are entering the DOJ Program for Swiss Banks.