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Archive by Month: October 2015

Boston Tax Evasion Attorney Takes a Closer Look at Swiss Bank Amnesty

Offshore Account Update

Posted on October 23, 2015

The Department of Justice has entered into non-prosecution agreements with 15 foreign banks as of July 2015. The non-prosecution agreements were negotiated as part of the Swiss Bank Program. The Swiss Bank Program grants amnesty and ensures banks will not have to face criminal charges for helping to facilitate tax evasion. In exchange for the banks not having to face criminal charges, the banks must turn on their own employees and provide enough details that U.S. authorities can use to go after American individuals and businesses who did not follow U.S. tax law. 

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Banks Seek Amnesty by Turning Over Accountholder Information

Offshore Account Update

Posted on October 9, 2015

The Department of Justice allows banks who helped facilitate tax evasion to resolve potential criminal liability through participation in the Swiss Bank Program.  Four banks have now signed agreements with the DOJ.  Chief Richard Weber for the IRS-Criminal Investigation (CI) indicates that the fact these four banks have entered into agreements signals “a change in terrain for offshore banking.”  He warns: “No longer is it safe to hide money offshore and expect that it will not be discovered.  IRS CI Special Agents will continue to follow the money to find those who circumvent the offshore disclosure laws and hold them accountable.”

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