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News

Archive by Month: August 2016

IRS Crackdown on Tax Evasion Leads Swiss Banker to Enter Guilty Plea

Offshore Account Update

Posted on August 26, 2016

Many U.S. citizens opened offshore Swiss accounts because of the strong privacy laws in Switzerland that were supposed to help these accountholders keep their identities confidential and their information from the Internal Revenue Service. Unfortunately, the Swiss privacy laws turned out not to have really provided much protection at all. As the IRS and Department of Justice have begun aggressively cracking down on banks and bankers, many are entering into plea deals that often involve giving up information on their clients.

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OVDP Urged by Swiss Banks

Offshore Account Update

Posted on August 12, 2016

U.S. citizens who have $10,000 or more total across all foreign accounts at any point during the year must file annual Reports of Foreign Bank and Financial Accounts (FBARs). Offshore accounts and money earned from those offshore accounts must be declared to the IRS, or serious consequences can arise.

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