Tax Preparers Indicted for Tax Fraud Using Israeli Bank Accounts
Credit Suisse has provided U.S. investigators with the information related to U.S. account holders.
This case is another example of the government’s efforts to crack down on the offshore tax evasion and enforce FBAR rules. Although not every case where a foreign bank account was not properly reported bears a high risk of criminal prosecution, those type of situations are very sensitive and taxpayers with undeclared foreign bank accounts are encouraged to consult tax attorneys in order to evaluate their options.
New IRS Rules will require U.S. banks to report interest payments to nonresident aliens starting January 1, 2013.
The Treasury’s Financial Crimes Enforcement Network (FinCEN) has announced that electronic filing (e-filing) of TD F 90-22.1, Report of Foreign Bank and Foreign Accounts (FBAR), won’t be required until June 30, 2013.