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Archive by Month: April 2015

UBS Faces DOJ and IRS Investigation

Offshore Account Update, UBS / HSBC

Posted on April 24, 2015

Investors who used offshore accounts to hide money from the IRS are facing increased risks as the federal government launches new investigations into UBS and other offshore banks.  When banks and bankers make deals with the Department of Justice and with the Internal Revenue Service, these deals often involve turning over client information to the federal authorities.

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New OVDP Penalties

Offshore Account Update

Posted on April 10, 2015

U.S. citizens who have not filed an annual IRS Form 8983 and an annual Report of Foreign Bank and Financial Accounts (FBAR) may face criminal prosecution, as well as large civil fines. Participation in an Offshore Voluntary Disclosure Program (OVDP) can limit the fines and penalties. However, there is a list of “bad banks” and investors with those accounts may end up paying more.

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