by Igor Drabkin | Dec 2, 2018 | Criminal Tax, FBAR, Internal Revenue Service, Offshore Income
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.
by David J. Warner | Nov 13, 2018 | Criminal Tax, FBAR, Internal Revenue Service, Offshore Income
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.
by Igor Drabkin | Apr 11, 2018 | Criminal Tax, FBAR, Internal Revenue Service, Offshore Income
Tax Crime Does Not Pay — Says Department of Justice
by Igor Drabkin | Mar 13, 2018 | FBAR, Internal Revenue Service, Offshore Income
IRS Offshore Voluntary Disclosure Program to End Soon
by Igor Drabkin | Jan 8, 2018 | FBAR, Internal Revenue Service, Offshore Income, Tax Litigation
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.
by Igor Drabkin | Apr 25, 2017 | Criminal Tax, FBAR, Internal Revenue Service, Offshore Income
Three Orange County, California residents were sentenced to prison today for willfully failing to file Foreign Bank Account Reports (FBAR), disclosing their secret accounts in Switzerland and Israel.