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.
The United States and Ireland have reached an anti-tax evasion pact to share information about wealthy citizens’ financial accounts.
IRS announced on October 24, 2012, that it will postpone some integral- tiered start up dates, which is a welcomed delay by many in industry adversely affected by implementation of the Act.
Credit Suisse announced that it would transfer more information on its money management activities for wealthy Americans to the U.S.
The IRS has issued instructions and a questionnaire to be used by eligible non-resident U.S. taxpayers who want to catch up on past-due filing requirements under new streamlined filing procedure that took effect on September 1, 2012.
The IRS recently released new Frequently Asked Questions (FAQs) for the 2012 Offshore Voluntary Disclosure Program (OVDP).