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Monthly Archives: May 2015
THE CLOCK IS TICKING ON THE 27.5% OVDP OFFSHORE PENALTY (AS OPPOSED TO 50%) FOR THOSE WITH ACCOUNTS AT BANKS SOON TO BE ADDED TO THE IRS BAD BANKS LIST
The Department of Justice (DOJ) on May 29, 2015 announced that four more Swiss banks had entered into non-prosecution agreements (NPA), namely: Societe Generale Private Banking (Lugano-Svizzera) SA (effective 5/28/15) MediBank AG (effective 5/28/15) LBBW (Schweiz) AG (effective 5/28/15) Scobag … Continue reading
OVDP – LIST OF BANKS AT WHICH AN ACCOUNT UPS OFFSHORE PENALTY TO 50% IS GROWING
The IRS continues to add to its published list of banks at which an account, even one account, increases the Miscellaneous Offshore Penalty imposed as part of the OVDP from 27.5% to 50% on all offshore assets connected with the … Continue reading
STREAMLINED FILING COMPLIANCE PROCEDURES: IRS ROADBLOCKS
The IRS announced with great fanfare its 2014 updated version of the Streamlined Filing Compliance Procedures. These simplified filing procedures were touted as a filing process under which U.S. noncompliant taxpayers living in the U.S. or outside the U.S. could … Continue reading
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