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News

Archive by Month: August 2012

IRS’s 2012 Voluntary Disclosure Program Continues to Accept U.S. Taxpayers with Undisclosed Offshore Accounts

Offshore Account Update

Posted on August 22, 2012

The Internal Revenue Service (IRS) continues to accept 2012 Voluntary Disclosure applicants as U.S. taxpayers seek protection from severe civil penalties and the possibility of criminal prosecution, which has stemmed from the risk of maintaining an undisclosed offshore account.

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Liechtensteinische Landesbank to Turn Over U.S. Client Data: Undisclosed Offshore Account Holders are Urged to Enter the 2012 IRS Amnesty Initiative

Offshore Account Update

Posted on August 21, 2012

Liechtenstein’s second largest bank, Liechtensteinische Landesbank AG (LLB), is beginning the process of turning over U.S. account holder data to U.S. authorities. Any U.S. client who maintains an undisclosed offshore bank account through LLB will have their information turned over to U.S. authorities. LLB is currently notifying its U.S. clients that the bank intends to comply with the IRS information request.

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IRS to Provide More Guidance on Duel Citizens with Undisclosed Offshore Accounts

Offshore Account Update

Posted on August 20, 2012

The Internal Revenue Service’s Senior Counsel in charge of the Offshore Program recently announced that more guidance on duel citizenship and how it will affect undisclosed offshore account holders will be released as supplemental information to the current 2012 IRS Voluntary Disclosure Program. This information will provide US taxpayers, who may hold a duel citizenship, with undisclosed offshore accounts a better understanding of their tax liability.

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U.S. Taxpayers with Undisclosed Offshore Accounts Beware: Swiss Government Authorizes Swiss Banks to Turn-Over Names of Professionals to U.S. Internal Revenue Service

Offshore Account Update, UBS / HSBC

Posted on August 19, 2012

Switzerland recently authorized its banks to hand over the names of professional employees, external wealth mangers, lawyers and trustees who have helped U.S. taxpayers commit tax evasion. Moreover, the banks are authorized to release email traffic in connection with U.S. taxpayers who are suspected of maintaining an undisclosed offshore account. The release of such information will likely contribute to establishing cases against those U.S. taxpayers currently under investigation. While U.S. client data is not being released at this moment, the employee information will help the IRS in its investigations into both foreign banks and U.S. taxpayers with undisclosed offshore accounts.

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Hollis Man Placed on Probation for Tax Evasion through Swiss Bank UBS

UBS / HSBC

Posted on August 18, 2012

Lothar Hoess, an Austrian national, was indicted by U.S. authorities after UBS turned over U.S. client data to the IRS in 2009. On March 29, 2012, Hoess was sentenced to three years of probation after pleading guilty to a single charge of failure to file a report of foreign bank account and financial accounts.

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