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Recent Posts
- THIS GOVERNMENT SHUT-DOWN IS REALLY BAD NEWS
- OVDP TO END ON SEPT. 28, 2018 – ACT NOW ON UNDISCLOSED OFFSHORE ACCOUNTS
- PARADISE LOST: THE “PARADISE PAPERS LEAK REVEALS MODERN DIGITAL AGE TRUTHS – (1) ALL FINANCIAL RECORD CAN BE HACKED. 92) THERE ARE NO CYBER SECRETS. AN OVDP SOLUTION FOR OFFSHORE NONCOMPLIANCE
- DEPARTMENT OF JUSTICE ANNOUNCES FBAR GUILTY PLEA OF GREEN CARD HOLDER
- THE HOUSE TAX REFORM BILL WOULD REPEAL THE ALIMONY DEDUCTION
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Tag Archives: 2012 OVDP
SOME SWISS BANKS ARE MORE THAN ENCOURAGING U.S. CLIENTS TO ENTER THE OVDP – THEY ARE OFFERING FINANCIAL INCENTIVES
An article in the Wall Street Journal on July 19, 2014 by John Letzing (“Taxpayers Get Incentives to Report: Swiss Banks Aim to Entice Americans to Disclose Accounts to IRS by Helping Cover Costs, Penalties”), reveals what many professionals have … Continue reading →
Posted in 2012 OVDP, 214 OVDP, FBARS, NEW OVDP, OFFSHORE BANK ACCOUNTS, TAX, TAX CRIMES, VOLUNTARY DISCLOSURE
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Tagged 2012 OVDP, BANK SECRECY ACT, FBAR, FBAR PENALTIES, FOREIGN BANK ACCOUNTS, OFFSHORE ACCOUNTS, OFFSHORE TAX FRAUD, OVDP, ROBERT S STIENBERG, SWISS BANK FINANCIAL INCENTIVES, SWISS BANK SETTLEMENT PROGRAM, TAX CRIMES, VOLUNTARY DISCLOSURE
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STILL HAVE AN UNREPORTED FORIEGN FINANCIAL ACCOUNT? BEWARE THE TRUSTED ADVISORS: THEY WILL GIVE YOU UP TO SAVE THEIR OWN SKINS
The DOJ Press Release reproduced below in its entirety should be very scary to those still out in the cold with unreported foreign financial accounts. We know that foreign banks are taking steps to minimize their risk of criminal prosecution … Continue reading →
Posted in 2012 OVDP, 214 OVDP, FBARS, NEW OVDP, OFFSHORE BANK ACCOUNTS, TAX CRIMES, VOLUNTARY DISCLOSURE
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Tagged 2012 OVDP, BANK SECRECY ACT, FBAR, FBAR PENALTIES, FOREIGN BANK ACCOUNTS, OFFSHORE ACCOUNTS, OFFSHORE BANK ACCOUNTS, OFFSHORE TAX FRAUD, OVDP, OVDP BENEFITS, ROBERT S STIENBERG, SWISS BANKS, TAX CRIMES, VOLUNTARY DISCLOSURE
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INITIAL THOUGHTS ON IRS CHANGES TO OFFSHORE VOLUNTARY DISCLOSURE PROGRAM AND STREAMLINED PROCESS FOR NON-WILLFUL TAXPAYERS
Yesterday, June 18, 2014, IRS announced and posted to the Offshore Voluntary Disclosure page on its website (www.irs.gov) significant changes to the 2012 OVDP reflected in revised Frequently Asked Questions; and, new Streamlined Filing Compliance Procedures for non-willful, out-of-compliance taxpayers, whether … Continue reading →
Posted in 2012 OVDP, COMPLIANCE, FBARS, NEW OVDP, TAX, VOLUNTARY DISCLOSURE
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Tagged 2012 OVDP, CHANGES IN OVDP PROCEDURES, FBAR, FBAR PENALTIES, FOREIGN BANK ACCOUNTS, OFFSHORE ACCOUNTS, OFFSHORE TAX FRAUD, OVDP BENEFITS, OVDP OPT OUT, QUIET DISCLOSURES, REASONABLE CAUSE, Robert S. Steinberg, STREAMLINED FILING COMPLIANCE PROCEDURES
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WHY NOW IS A PROPITIOUS TIME FOR THOSE WITH UNREPORTED OFFSHORE ACCOUNTS TO MAKE A VOLUNTARY DISCLOSURE?
One oddity about the Offshore Voluntary Disclosure Program (OVDP) is that the FBAR years included in the criminal and reduced penalty partial-amnesty period are geared to one’s income tax filings. (IRS OVDP FAQ 9) Thus, once a correct income tax … Continue reading →
Posted in 2012 OVDP, NEW OVDP, OFFSHORE BANK ACCOUNTS, TAX, TAX INFORMATION EXCHANGE AGREEMENTS, VOLUNTARY DISCLOSURE
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Tagged 2012 OVDP, BANK SECRECY ACT, FATCA, FBAR, FBAR PENALTIES, FBARS, FOREIGN BANK ACCOUNTS, OFFSHORE ACCOUNTS, OFFSHORE BANK ACCOUNTS, OFFSHORE TAX FRAUD, OVDP, OVDP BENEFITS, RAOUL WEIL, Robert S. Steinberg, SWISS BANK SETTLEMENT PROGRAM, SWISS BANKS, TAX HAVENS, VOLUNTARY DISCLOSURE
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IRS AND DOJ BANK DISCLOSURE SNOWBALL KEEPS ROLLING DOWNHILL BECOMING LARGER WITH EACH TURN
The Department of Justice (DOJ) website correctly states that the division’s investigations encompass “an ever-widening circle of banks.” Recent events prove this statement true. Investigations are under-way on 14 of the largest banks in Switzerland, and banks in India, Israel … Continue reading →
Posted in 2012 OVDP, FBARS, NEW OVDP, OFFSHORE BANK ACCOUNTS, TAX
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Tagged # INDIVISIBLE, 2012 OVDP, BERNER KANTONALBANK, DEPARTMENT OF JUSTICE, INDIAN BANK ACCOUNTS, ISRAELI BANK ACCOUNTS, JOHN DOE SUMMONS, QUIET DISCLOSURE, Robert S. Steinberg, SWISS BANK SETTLEMENT PROGRAM, VALIANT BANK, VOLUNTARY DISCLOSURE, VONTOBEL, WEGELIN BANK
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LATEST DOJ ATTACK ON OFFSHORE ACCOUNTS: JOHN DOE SUMMONSES ISSUED TO U.S. CORRESPONDENT BANKS OF OFFSHORE BANKS
By now, I’m sure anyone owning an undisclosed offshore bank account has become familiar with the term, “John Doe Summons.” After all, following the IRS issuing a John Doe Summons to UBS, it announced the 2009 OVDP, and about 15,000 … Continue reading →
Posted in 2012 OVDP, FBARS, NEW OVDP, OFFSHORE BANK ACCOUNTS, TAX, VOLUNTARY DISCLOSURE
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Tagged # INDIVISIBLE, 2012 OVDP, BANK SECRECY ACT, FATCA, FBAR, FBAR PENALTIES, FBARS, FOREIGN BANK ACCOUNTS, OFFSHORE ACCOUNTS, OFFSHORE BANK ACCOUNTS, OFFSHORE TAX FRAUD, OVDP, OVDP BENEFITS, Robert S. Steinberg, SWISS BANKS, TAX CRIMES, UBS, VOLUNTARY DISCLOSURE
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CAUTION: IRS MAY ALREADY HAVE YOUR NAME OR WILL SOON. OFFSHORE DRAGNET LEADS UNNAMED FOREIGN BANKS TO COOPERATE
Some still out in the cold with offshore financial accounts take comfort in the fact that their bank has not yet been indicted or named in any publicly announced IRS investigation. Well, here is some sobering news to shake confidence … Continue reading →
Posted in 2012 OVDP, OFFSHORE BANK ACCOUNTS, TAX, TAX CRIMES, VOLUNTARY DISCLOSURE
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Tagged # INDIVISIBLE, 2012 OVDP, AMNESTY FOR OFFSHORE ACCOUNTS, BANK SECRECY ACT, FBAR PENALTIES, FBARS, FOREIGN BANK ACCOUNTS, H TY WARNER, OFFSHORE INDICTMENTS, OFFSHORE TAX FRAUD, OVDP, OVDP BENEFITS, Robert S. Steinberg, SWISS BANKS, VOLUNTARY DISCLOSURE
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