IRS Posts New Frequently Asked Questions for the 2011 OVDI Program
IRS Posts New Frequently Asked Questions for the 2011 OVDI Program
U.S. Prosecutes a HSBC Client After “Quiet Disclosure” of Offshore Account
U.S. government decided to prosecute a taxpayer who made a so-called “quiet disclosure” of his offshore account at HSBC.
IRS and Department of Justice Target HSBC in New Tax Probe
On April 7, 2011, the U.S. Justice Department asked a federal district court in San Francisco to force HSBC USA to disclose the names of their U.S. customers suspected of having secret bank accounts in India.
IRS Publishes Guidance on How to Report Foreign Bank Accounts on 2010 Returns
The IRS issued a new notice, Notice 2001-31, providing guidance to taxpayers on how they should answer questions on their 2010 federal income tax and information returns relating to foreign financial accounts (FFAs).
IRS Publishes Questions and Answers for the 2011 Offshore Voluntary Disclosure Initiative
After announcing a new offshore account amnesty on February 8, 2011, the IRS began to provide more information about the program. You can read Frequently Asked Questions and Answers published by the IRS here: 2011 Offshore Voluntary Disclosure Initiative Frequently Asked Questions and Answers.
The IRS also published the forms and documents to be used in the disclosure process. You can find the documents here: 2011 Offshore Voluntary Disclosure Initiative Documents and Forms.