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Tag Archives: FBAR PENALTY
DEPARTMENT OF JUSTICE ANNOUNCES FBAR GUILTY PLEA OF GREEN CARD HOLDER
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 →
SOME ADVANTAGES AND DISADVANTAGES OF STREAMLINED COMPLIANCE PROCEDURES FOR U.S. EXPATS
“Beware of false knowledge; it is more dangerous than ignorance.” – George Bernard Shaw Shaw’s admonition is applicable to the recently announced Streamlined Process and Transitional as alternatives for resolving offshore noncompliance exposure of U.S. citizens and permanent residents who … Continue reading →
Posted in 214 OVDP, FBARS, OFFSHORE BANK ACCOUNTS, TAX, TAX CRIMES, UNFILED RETURNS, VOLUNTARY DISCLOSURE
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Tagged EXPATS AND UNFILED FBARS, FBAR PENALTY, Robert S. Steinberg, STREAMLINED COMPLIANCE PROCEDURES FOR EXPATS, STREAMLINED PROCESS OF THOSE LIVING OUTSIDE U.S., US CITIZENS LIVING ABROAD
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OVDP OR NOTHING AT ALL
The 1939 song, “All or Nothing at All,” (by Arthur Altman and Jack Lawrence) made popular by Frank Sinatra might be sung in a new version by IRS, “OVDP or Nothing at All.” The Bank Secrecy Act contains draconian penalties … Continue reading →
Posted in 2012 OVDP, AMENDED RETURNS, DELINQUENT RETURN, FBARS, NEW OVDP, TAX, TAX CRIMES, VOLUNTARY DISCLOSURE
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Tagged # INDIVISIBLE, BANK SECRECY ACT, EIGHTH AMENDMENT, EXCESSIVE FINES, FBAR, FBAR PENALTY, FORFIETURE, OVDP OPT OUT, QUIET DISCLOSURES, Robert S. Steinberg, U.S. V ZWERNER, U.S. V. BAJAKAJIAN, VOLUNTARY DISCLOSURE
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ARE OFFSHORE CHEATS GETTING OFF TOO EASY?
A recent Wall Street Journal Article, “Leniency for Offshore Cheats,” by Laura Saunders cited statistics that reveal a discrepancy between sentences handed down in offshore cases versus those dolled out in tax shelter criminal cases. The article reports: The average … Continue reading →
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