Category Archives: OFFSHORE VOLUNTARY DISCLOSURE PROGRAM

DEPARTMENT OF JUSTICE ANNOUNCES FBAR GUILTY PLEA OF GREEN CARD HOLDER

Posted on November 3, 2017 by taxpenaltylawyer

On October 26, 2017, Hyung Kwon Kim (Kim), a Greenwich, Connecticut man pleaded guilty to failing to report funds he maintained in foreign bank accounts to the Department of Treasury. The DOJ Press Release was announced Acting Deputy Assistant Attorney … Continue reading →

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IRS Committed to Stopping Offshore Tax Cheating; Remains on “Dirty Dozen” List of Tax Scams for 2017

Posted on February 16, 2017 by taxpenaltylawyer

IRS Newswire Issue No. IR-2017-35, February 16, 2017 is reproduced below in its entirety. WASHINGTON — The Internal Revenue Service today said avoiding taxes by hiding money or assets in unreported offshore accounts remains on its 2017 list of tax … Continue reading →

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COMPARISON CHART – OVDP VS. STREAMLINED FILING COMPLIANCE PROCEDURES

Posted on May 19, 2016 by taxpenaltylawyer

COMPARISON CHART – OVDP VERSUS STREAMLINED © 2016 by Robert S. Steinberg, Esquire. All rights reserved http://www.steinbergtaxlaw.com   CHARACTERISTIC OVDP STREAMLNED Up Front Qualification? Yes -Names clearance (30 days) & Provisional acceptance after OVDP letter (45 days) – CI reviews … Continue reading →

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WAITING IS A DANGEROUS GAME FOR THOSE STILL NOT IN COMPLIANCE WITH FOREIGN REPORTING RULES

Posted on April 26, 2016 by taxpenaltylawyer

Over 55,000 taxpayers have come into compliance by entering the Offshore Voluntary Disclosure Program. An untold number of less culpable non-willful taxpayers have come into compliance under the Streamlined Filing Compliance Procedures.  Some with reasonable cause have used the delinquent … Continue reading →

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OFFSHORE NONCOMPLIANCE: THE NIGHTMARE THAT MORNING DOES NOT END

Posted on April 14, 2016 by taxpenaltylawyer

From every bad dream there is an awakening. Morning brings you back to sanguinity.For those with offshore activities who are out of compliance with U.S. tax law, however,  morning will not come unless and until they undertake some course of … Continue reading →

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DOJ PRESS RELEASE: THREE MORE SWISS BANKS SIGN NON-PROSECUTION AGREEMENTS – IMPLICATIONS FOR MISCREANTS NOT YET IN OVDP

Posted on November 22, 2015 by taxpenaltylawyer

The Department of Justice announced today that BNP Paribas (Suisse) SA (BNPP), KBL (Switzerland) Ltd. (KBL Switzerland) and Bank CIC have reached resolutions under the department’s Swiss Bank Settlement Program. These banks will collectively pay penalties totaling more than $81 … Continue reading →

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IRS ADDS TWO MORE BAD BANKS TO ITS 50% LIST AND ISSUES FBAR PENALTY GUIDELINES

Posted on June 7, 2015 by taxpenaltylawyer

Bad Banks subject account holders to 50% penalty On June 3, 2015 the IRS added two more banks to its list of banks at which accounts subject the holder to a 50% OVDP miscellaneous offshore penalty on all offshore assets … Continue reading →

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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

Posted on May 30, 2015 by taxpenaltylawyer

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 →

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