by Igor Drabkin | Jun 2, 2014 | FBAR, Internal Revenue Service, Offshore Income, Tax Collection
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.
by Igor Drabkin | May 5, 2014 | FBAR, Internal Revenue Service, Offshore Income
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)
by Igor Drabkin | Apr 30, 2014 | Criminal Tax, FBAR, Internal Revenue Service, Offshore Income
Swiss units of Goldman Sachs and Morgan Stanley are among more than 100 Swiss banks participating in the Department of Justice amnesty program.
by Igor Drabkin | Dec 17, 2013 | Criminal Tax, FBAR, Internal Revenue Service, Offshore Income
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.
by Igor Drabkin | Oct 29, 2013 | Criminal Tax, FBAR, Internal Revenue Service, Offshore Income
In the most recent case of government’s crackdown on offshore tax evasion, a Florida psychiatrist, who together with her husband founded two Caribbean medical schools, was found guilty of conspiring to defraud the Internal Revenue Service and filing false tax returns.
by Igor Drabkin | Sep 19, 2013 | Criminal Tax, FBAR, Internal Revenue Service, Offshore Income
Department of Justice announced that Ty Warner, creator of Beanie Babies, was charged with federal tax evasion for allegedly failing to report income he earned in a secret offshore financial account he held with UBS in Switzerland. Warner ranks as # 209 on the Forbes list of richest Americans.