More than ever, it appears the best alternative for taxpayers with undisclosed bank accounts is to enter into the IRS 2011 Offshore Voluntary Disclosure Initiative (OVDI). But time is quickly running out to take advantage of the OVDI – the deadline for entering the “amnesty” program is next week. The OVDI may well be the last chance for U.S. taxpayers with undisclosed offshore accounts to benefit from pre-determined penalties and reduced criminal exposure, but only if the taxpayer comes forward before the deadline of August 31, 2011.
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Category: Offshore Account Update - Page 47
U.S. Persons with Undisclosed Offshore Accounts Take Action Against High IRS Penalties
Offshore Account UpdatePosted on August 4, 2011
Many Indian Americans that have either heard of or have entered into the 2011 OVDI know of the outrageously high civil penalties they could face by maintaining undisclosed foreign bank accounts; now, these Indian Americans are taking action with the U.S. Government to lessen their penalties.
Read MoreCredit Suisse in Serious Trouble: Account Holders Next as 1 Month for Amnesty Remains
Offshore Account Update, UBS / HSBCPosted on August 2, 2011
The Department of Justice has made it clear Credit Suisse is in serious trouble and that these are very serious allegations that relate to conduct extending beyond a tax conspiracy and into a broader range of criminal activity. Specifically, conduct concerning possible destruction of records and helping people even evade the Department of Justice investigations. Even worse conduct than UBS!
Read MoreHSBC Coming into Compliance: Bank Cuts off Ties with Undisclosed Offshore U.S. Account Holders
Offshore Account Update, UBS / HSBCPosted on July 30, 2011
Recently HSBC India has severed all ties with U.S. Clients and anyone associated with U.S. persons. Due to heightened pressure by the U.S. government into banks such as UBS and Credit Suisse, HSBC India is taking preventative action in order to limit current investigations by U.S. authorities. The branch has issued letters to all of its U.S. clients informing them of their recent change in client structure, that is they do not want U.S. clients.
Read MoreHSBC Prepares to Turn Over U.S. Client Names to Comply with U.S. Government
Offshore Account Update, UBS / HSBCPosted on July 20, 2011
There has been talk amongst government officials of a Global Resolution, expected to come to terms within the next few months, between several foreign banks, in order to put an end to tax evasion within the U.S. However, there is a catch. In exchange for investigations against the foreign banks to be discontinued, the respective bank will be required to turn over all U.S. client names, which will then be used by U.S. government agencies to open criminal investigations against said taxpayer. HSBC, world-wide banking giant that has been under high scrutiny by U.S. officials, seems to have caught wind of the potential Resolution and is making plans to come into compliance with the U.S. government.
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