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News

Archive by Year:2017

OVDP Investigations are Underway

Offshore Account Update

Posted in on May 31, 2017

The Offshore Voluntary Disclosure Program (OVDP) was created to allow taxpayers to voluntarily come forward and admit they had not filed their required Reports of Foreign Bank and Financial Accounts. The purpose of OVDP was to reduce penalties for those who were not willful violators, because penalties in some cases have actually exceeded the value of undeclared offshore accounts.Read More

What is the FBAR Used For?

Offshore Account Update

Posted in on April 28, 2017

FBAR stands for Report of Foreign Bank and Financial Accounts. The FBAR is a report that has to be made annually if you have more than $10,000 in any combination of offshore bank accounts that you either own or have signature authority on. If the combined balances of any offshore financial accounts exceed $10,000 at any time during the year, FBARs must be filed.Read More

FBAR vs. FATCA: How Do They Differ?

Offshore Account Update

Posted in on March 31, 2017

Both FBAR and FATCA impose compliance requirements for certain offshore accountholders. However, FBAR and FATCA are not the same. The forms that are required under FBAR and FATCA are different forms, are filed to different entities, and the requirements of who must file will vary between the two forms.Read More

The Swiss Bank Program is Winding Down

Offshore Account Update

Posted in on February 24, 2017

The Internal Revenue Service and the Department of Justice have been working hard to crack down on tax evasion. U.S. affiliated individuals and business entities are supposed to report the existence of all offshore accounts and are required to pay taxes on offshore income. For a long time, the Swiss banking industry made it easy for U.S. investors not to comply with the rules. However, after diplomatic negotiations with Switzerland, a program called the Swiss Bank Program was launched to ensure U.S. taxing authorities could get the information needed to find tax evaders.Read More

The Automatic Exchange of Bank Data: Deal Expected Between the Swiss and U.S.

Offshore Account Update

Posted in on January 20, 2017

The United States government has been aggressively pursuing undeclared revenue by cracking down on offshore bank accounts. There are numerous tools that the U.S. government has been using to find out details on accounts kept offshore that have not been properly declared, including a program by which Swiss banks were offered amnesty from crimes related to facilitating tax evasion if they came forward, reported accountholders and provided details about transactions.

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