Israeli Bank Mizrahi-Tefahot Admits to Helping US Taxpayers Conceal Income and Assets; Agrees to Pay $195 Million to U.S.
Israeli Bank Mizrahi-Tefahot Admits to Helping US Taxpayers Conceal Income and Assets; Agrees to Pay $195 Million to U.S.
Taxpayers Can Still Make Voluntary Disclosures for Offshore Accounts
On November 20, 2018, the IRS issued a Memorandum, describing the process for all voluntary disclosures following the closing of the 2014 OVDP on September 28, 2018. The new procedures are effective for all disclosures after September 28, 2018. Under the new procedures, the taxpayers with hidden foreign bank accounts, whose behavior may be considered willful, will find stricter requirements and higher penalties.
Think the Criminal Statute of Limitations for Failure to Report Foreign Bank Accounts Has Expired? Think Again.
In general, the United States has five years to start criminal proceedings in a criminal case (either through an indictment or information). 18 U.S.C. § 3282. However, there are several statutes that could suspend or extend this five-year period, and an individual might not even know if the statute of limitations has been extended.
Tax Crime Does Not Pay — Says Department of Justice
Tax Crime Does Not Pay — Says Department of Justice
IRS Offshore Voluntary Disclosure Program to End Soon
IRS Offshore Voluntary Disclosure Program to End Soon
Tax Court Rules for Taxpayer on Statute of Limitations Issue Related to Foreign Assets Reporting
In Rafizadeh v. Commissioner, 150 T.C. No. 1, the Tax Court issued an important decision for the taxpayers, holding that the six-year statute of limitations with respect to income attributable to certain “specified foreign financial assets”, is effective only for those tax years to which the reporting requirement was applicable and in effect.