Update on IRS Offshore Initiatives: Investigations and agreements with financial institutions worldwide

In our last post, we noted that the U.S. government goes to great lengths to identify and prosecute noncompliant taxpayers, as well as promoters and financial institutions who assist U.S. taxpayers avoid their tax obligations by hiding their offshore income and assets. Some recent plea agreements with large financial institutions...

Update on IRS Offshore Initiatives

Global tax issues are a top priority for the Internal Revenue Service Criminal Investigation Division (IRS-CI), which focuses its work on investigating taxpayers who willfully engage in tax evasion. Significant efforts are also being made to identify and take legal action against promoters and financial institutions who have assisted taxpayers...

How Much Should You Give to a Charity: Or is There a Formula For Determining How Much You Should Give vs How Much You Can Afford

This answer is something that an attorney often says to a client: “it depends”. This is a highly personal decision that can encompass many factors. The personal and or religious beliefs of the person and their spouse. How they think that they can best help. Whether the contribution is in...

Tax Tales

In today’s age of technology we enjoy access to information at the push of a button. The latest advances in technology not only benefit us greatly, but also the government. After 9/11, the Patriot Act gave the government more access to financial institutions both domestic and foreign. Personal and business financial...

FOREIGN BANK ACCOUNTS AND THE VOLUNTARY DISCLOSURE

Introduction For many years a large number of U.S. taxpayers have placed, and may continue to place, money in foreign bank accounts. Many of these individuals, knowingly or unknowingly, violate federal law by not disclosing these foreign accounts on their federal income tax returns. In an effort to step-up enforcement...