Major Changes in Offshore Voluntary Disclosure Program
IRS Announces Major Changes to Offshore Voluntary Disclosure Program
Jury Finds 150% FBAR Penalty Applicable
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.
Beanie Babies Founder Ty Warner Receives No Prison Time Despite Concealing over $100 million in UBS Swiss Bank Account
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.
Swiss Banks Are Entering Disclosure Program as Deadline Approaches
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.
Florida Doctor Convicted of Tax Crimes for Hiding Money Offshore
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.