DOJ: Hiding assets in Switzerland is ‘beyond foolish’

Posted on by Moskowitz LLP Posted in International Taxation, Criminal Tax Law
U.S. citizens and permanent residents are required by law to report any assets held in foreign bank accounts to the Internal Revenue Service (IRS). With the upcoming implementation of the Foreign Account Tax Compliance Act (FATCA), it will be extremely difficult for Americans to conceal funds held in other countries....
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San Francisco man admits hiding foreign bank account

Posted on by Moskowitz LLP Posted in International Taxation, Tax: Audits, Litigation & Collection
If you hold assets in a foreign bank account, you are required by law to report these funds to the Internal Revenue Service (IRS). Although many taxpayers have hidden foreign accounts from the government in the past, the government through its Offshore Initiative has drastically increased the identification of those...
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Offshore Initiative – Another NPA reached: DOJ 23.8 million settlement with Liechtensteinische Landesbank AG (LLB-Vaduz)

Posted on by Moskowitz LLP Posted in Criminal Tax Law, International Taxation
On July 29, the United States Justice Department (DOJ) announced in a press release that it had reached a $23.8 million settlement with Liechtensteinische Landesbank AG (LLB-Vaduz), halting its criminal investigation of the bank in aiding US citizen's in evading their U.S. tax obligations.   As part of the investigation, the...
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Santa Clara County man pleads guilty to hiding Israeli bank account

Posted on by Moskowitz LLP Posted in Criminal Tax Law, International Taxation
On July 17, the U.S. Justice Department announced in a press release that Moshe Handelsman of Saratoga, California, plead guilty to tax perjury. This case is the latest in a series involving un-reported foreign bank accounts and Israeli banks under scrutiny by the Justice Department and Internal Revenue Service (IRS)...
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U.S. Government to Use the Treasury Department to Identify Individuals Owning Foreign Assets

Posted on by Moskowitz LLP Posted in International Taxation, Tax Planning & Compliance, Tax: Audits, Litigation & Collection
At the G8 meeting in Ireland, the White House announced it's intent to facilitate international tax and business arrangement transparency by promising a plan to assist law enforcement and tax authorities in identifying those who own and control entities outside of the United States. We have been reporting on the...
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IRS to target “quiet” offshore tax disclosures in light of new report

Posted on by Moskowitz LLP Posted in Tax: Audits, Litigation & Collection, International Taxation
Given the aggressive public overtures that Internal Revenue Service (IRS) officials have made regarding offshore bank accounts and tax evasion in the last five years, many taxpayers took advantage of the Offshore Voluntary Disclosure Program offered by the Internal Revenue Service. However, a report issued by the GAO (Government Accounting...
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