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 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)
Swiss units of Goldman Sachs and Morgan Stanley are among more than 100 Swiss banks participating in the Department of Justice amnesty program.
No prison time for Beanie Babies founder Ty Warner despite the fact that he pleaded guilty to tax evasion related to hiding more than $100 million in a UBS Swiss bank account.
IRS Statistics Show Increase in Criminal Investigations and Tax Collection, Decrease in Audit Rates
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.