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Archive by Month: March 2015

CEO to Face Jail for Undeclared Offshore Accounts

Offshore Account Update

Posted on March 27, 2015

From 2000 to 2008, CEO of Circle Net, Gregg Kaminsky, deposited money via wire transfer from two different U.S. companies into an account with Union Bank of Switzerland (UBS).  Kaminsky also moved money out of his Swiss account into other accounts that he had in Hong Kong and Thailand. 

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Failing to File FBARs Can Lead to Jail Time

Offshore Account Update

Posted on March 13, 2015

Anyone with money offshore must file an annual Report of Foreign Bank and Financial Accounts (FBAR).  George Landegger, chairman of the international pulp mill company Parsons & Whittemore, failed to file these FBARs for accounts he had offshore at Swiss banks. Landegger had undisclosed accounts from the early 2000’s until 2010 and at one point, the balance reached more than $8.4 million.  

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