Category Archives: TAX

SOME FBAR GOOD NEWS AND MORE OVDP BAD NEWS

Posted on August 6, 2015 by steinbergtaxlaw

FBAR FILING DATE CHANGED TO APRIL 15 It is rare but occasionally congress enacts a law that makes eminent good sense. Tucked away in the Highway Funding Bill (HR 3236) signed by President Obama on July 31, 2015 are tax … Continue reading →

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LIST OF BAD BANKS GIVING RISE TO 50% OVDP OFFSHORE PENALTY STILL GROWING

Posted on July 1, 2015 by steinbergtaxlaw

The IRS had added five more banks to its list of banks at which accounts will cause the OVDP offshore penalty to rise to 50% applied to all noncompliant offshore assets (See OVDP FAQ 7.2). FAQ 7.2 provides: Beginning on August 4, … 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 steinbergtaxlaw

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 →

Posted in 2014 OVDP, OFFSHORE BANK ACCOUNTS, OFFSHORE VOLUNTARY DISCLOSURE PROGRAM | Tagged , , , , | Leave a comment

OVDP – LIST OF BANKS AT WHICH AN ACCOUNT UPS OFFSHORE PENALTY TO 50% IS GROWING

Posted on May 21, 2015 by steinbergtaxlaw

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 →

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NON-WILLFUL FBAR PENALTY: TAXPAYER FOUND BY DISTRICT COURT TO LACK REASONABLE CAUSE FOR HAVING FAILED TO FILE FBARS. COURT ALSO RULES AGAINST TAXPAYER ON DUE PROCESS AND EXCESSIVE FINE ARGUMENTS.

Posted on May 1, 2015 by steinbergtaxlaw

After James Moore had filed amended returns and delinquent FBARS, the IRS assessed against him maximum non-willful FBAR penalties of $10,000 for each of the years 2005 through 2008, for a total of $40,000.  Instead of waiting for the Treasury … Continue reading →

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OVDP: WHAT HAPPENS IF THE TAXPAYER CANNOT RAISE THE FULL REQUIRED PAYMENT UNDER FAQ 25?

Posted on April 28, 2015 by steinbergtaxlaw

FAQ 25 lists the OVDP submission requirements and insofar as payment goes, provides: Payment to the Department of Treasury in the total amount of tax, interest, offshore penalty, accuracy-related penalty, and, if applicable, the failure-to-file and failure-to-pay penalties, for the … Continue reading →

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MEANING OF CURRENTLY UNDER EXAMINATION FOR PURPOSES OF 2014 OVDP FAQ 14

Posted on April 26, 2015 by steinbergtaxlaw

MEANING OF CURRENTLY UNDER EXAMINATION FOR PURPOSES OF OVDP FAQ 14 Frequently Asked Question (FAQ) 14 of the 2014 edition of the Offshore Voluntary Disclosure Program asks: Question:  “I’m currently under examination.  May I participate in the OVDP?” Answer: “No. … Continue reading →

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HOW NOT TO VOLUNTARILY DISCLOSE AN UNREPORTED OFFSHORE FINANCIAL ACCOUNT

Posted on March 14, 2015 by steinbergtaxlaw

A Wall Street Journal of March 14, 2015 by Laura Saunders reveals how Gregg Kaminsky and his tax advisors violated the cardinal rule of voluntary disclosure practice, “Don’t make things worse than they already are.” Kaminsky, now a 46 year-old … Continue reading →

Posted in 2014 OVDP, AMENDED RETURNS, LESSONS FOR OFFSHORE TAX COMPLIANCE, ROBERT S STEINBERG, STREAMONED FILING COMPLIANCE PROCEDURES, WRONG WAY TO VOLUNTARILY DISCLOSE OFFHORE ACCOUNTS | Tagged , , , , | Leave a comment

IRS OFFICIALS ANSWER CIVIL AND CRIMINAL OFFSHORE QUESTIONS

Posted on February 26, 2015 by steinbergtaxlaw

On February 24, 2015 I participated in an ABA Tax Section Webinar, “Answering Your Criminal and Civil Offshore Disclosure Questions.”  On the Webinar panel were two IRS officials:  David W. Horton, Director, IRS International Individual Compliance; and John C. McDougal, … Continue reading →

Posted in 2014 OVDP, DELINQUENT RETURN, FBARS, NEW OVDP, OFFSHORE BANK ACCOUNTS, STREAMLINED FILING COMPLIANCE PROCEDURES, STREAMLINED FILING COMPLIANCE PROCEDURES, TAX, VOLUNTARY DISCLOSURE | Tagged , , , , , , , , , , , , , , | 8 Comments

OFFSHORE VOLUNTARY DISCLOSURE PROGRAM (OVDP): STRICT APPLICATION OF 50% PENALTY CAN BE HARSH

Posted on February 15, 2015 by steinbergtaxlaw

Consider the following fact pattern: Father and daughter are participants in the OVDP who submitted their OVDP Letters after August 4, 2014.   Each owned separate unreported offshore bank accounts during the OVDP period 2006 through 2013. The father’s account was … Continue reading →

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