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- 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
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Tag Archives: OVDP BENEFITS
EVALUATING RISK OF PROSECUTION OUTSIDE OF THE OVDP
An article authored by Edward Robbins, Jr. Steven Toscher and Dennis Perez, “What’s Your Client’s Criminal Exposure on His Undeclared Foreign Bank Account? (Journal of Tax Practice, October – November 2012 pp 67-74), astutely summarizes the most likely charged tax … Continue reading →
Posted in 214 OVDP, FBARS, OFFSHORE BANK ACCOUNTS, TAX, VOLUNTARY DISCLOSURE
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Tagged BANK SECRECY ACT, FBAR PENALTIES, FOREIGN BANK ACCOUNTS, IRS STREAMLINED FILING COMPLIANCE PROCEDURES, OVDP, OVDP BENEFITS, QUIET DISCLOSURES, RISK OF PROSECUTION IN OFFSHORE CASE, ROBERT S STIENBERG, TAX CRIMES, VOLUNTARY DISCLOSURE, WILLFULNESS
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THE TAX LAW IS COMPLEX; OFFSHORE COMPLIANCE DECISIONS ARE DIFFICULT AND MISTAKES CAN HAVE GRAVE CONSEQUENCES
John J. Scroggin published an interesting and entertaining survey of tax complexity in the Wealth Strategies Journal (Tax Complexity, History, and Humor, July 8, 2014). The article begins with a quote from Judge Learned Hand: “In my own case the … Continue reading →
Posted in 214 OVDP, FBARS, NEW OVDP, OFFSHORE BANK ACCOUNTS, TAX, VOLUNTARY DISCLOSURE
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Tagged COMPEXITY OF OVDP DECISIONS, FBAR, FBAR PENALTIES, FOREIGN BANK ACCOUNTS, OFFSHORE ACCOUNTS, OFFSHORE BANK ACCOUNTS, OFFSHORE TAX FRAUD, OVDP, OVDP BENEFITS, OVDP OPT OUT, QUIET DISCLOSURES, Robert S. Steinberg, TAX COMPLEXITY
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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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SOME ADVANTAGES AND DISADVANTAGES OF STREAMLINED PROCEDURES FOR U.S. CITIZENS AND RESIDENTS RESIDING IN THE U.S.
“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 residents. Calls I’ve … Continue reading →
Posted in 2012 OVDP, 214 OVDP, NEW OVDP, OFFSHORE BANK ACCOUNTS, TAX, TAX CRIMES
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Tagged BANK SECRECY ACT, FBAR, FBAR PENALTIES, FOREIGN BANK ACCOUNTS, NEW STREAMLINED PROCESS FOR OFFSHORE ACCOUNTS, NEW TRANSITIONAL RULES FOR OFFSHORE ACCOUNTS, OFFSHORE ACCOUNTS, OFFSHORE TAX FRAUD, OVDP, OVDP BENEFITS, OVDP OPT OUT, QUIET DISCLOSURES, Robert S. Steinberg, 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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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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MORE STORM CLOUDS FOR HIDDEN OFFSHORE ACCOUNTS
The holes in which to hide for offshore tax cheats are steadily being filled up. Those who have not entered the IRS Offshore Voluntary Disclosure Program, will find no comfort in some recent news, namely: Bank Frey, the “Truly Swiss, … Continue reading →
HIGH NOON IS DRAWING NEARER FOR THOSE STILL OUT IN THE COLD WITH UNREPORTED OFFSHORE ACCOUNTS
In director Fred Zinnemann’s iconic western, “High Noon,” (1952), Will Kane (Gary Cooper) is the retiring lawman in a small town. On the day of his wedding to Ana Fowler (Grace Kelley) he learns that Frank Miller whom he’d sent … Continue reading →
Posted in 2012 OVDP, TAX
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Tagged # INDIVISIBLE, BANK SECRECY ACT, FATCA, FBARS, FOREIGN BANK ACCOUNTS, OFFSHORE BANK ACCOUNTS, OVDP BENEFITS, OVDP PITFALLS, Robert S. Steinberg, TAX HAVENS
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