Jay Nanavati

Jay Nanavati

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U.S. Signs FATCA IGA with Luxembourg

On March 28, 2014, the U.S. signed a FATCA IGA with Luxembourg. Under the IGA, banks and other financial institutions in Luxembourg will report information about eligible U.S. customers’ offshore accounts to the Luxembourg...more

4/1/2014 - EU FATCA

Levin and McCain Urge DOJ to Seek Extradition of Fugitive Swiss Bankers

Bloomberg news reports that on March 18, 2014, U.S. Senators Carl Levin and John McCain wrote a letter urging the Justice Department to seek extradition of about 30 Swiss bankers and others who are charged with enabling...more

3/28/2014 - DOJ Extradition Foreign Banks Tax Evasion

OECD Publishes Standard for International Automatic Tax Information Exchange

On February 13, 2014, the OECD published a standard for the automatic exchange of tax information among governments, intended to help fight cross-border tax evasion. Under the standard, governments would collect information...more

2/17/2014 - FATCA OECD Tax Evasion

Swiss Investment Adviser to Plead Guilty to Helping Americans Evade Taxes

Multiple outlets are reporting that on February 26, 2014, Martin Lack, a Swiss investment adviser and former UBS banker, will plead guilty in the Southern District of Florida to one count of conspiracy to defraud the United...more

2/14/2014 - Foreign Nationals Guilty Pleas Investment Adviser Tax Evasion

U.S. Signs Four More FATCA IGA’s

On February 5, 2014, the Treasury Department announced that it had recently concluded FATCA IGA’s with Canada, Hungary, Italy, and Mauritius. All four agreements were reciprocal Model 1 agreements. In other words, FFI’s in...more

2/7/2014 - Banks FATCA FFI Foreign Banks IGAs

U.S. Signs FATCA IGA with Italy

Tax Analysts’ Tax Notes Today reports that on January 10, 2014, the U.S. signed a FATCA IGA with Italy, which became the 13th country to sign such a deal with the U.S. ...more

1/27/2014 - EU FATCA IGAs

Beanie Babies Creator Seeks Probation for $107 Million UBS Account

The Chicago Tribune reports that Beanie Babies creator Ty Warner, who pleaded guilty last year to one of the largest tax frauds in Chicago-area history, has asked the federal court to sentence him to probation. His sentencing...more

1/7/2014 - Foreign Bank Accounts Tax Evasion Tax Fraud UBS

Cayman Islands and U.S. Sign FATCA IGA

On November 29, 2013, the Cayman Islands and the U.S. Signed a FATCA IGA. The Cayman Islands IGA is a Model 1B agreement, meaning that FFIs in the Cayman Islands will be required to report tax information about U.S. account...more

12/2/2013 - FATCA IGA International Tax Issues IRS Tax Evasion TIEA

Voluntary Disclosures Lead to John Doe Summonses for Information about U.S. Accounts at Zurcher Kantonalbank and Bank of...

In a sign that the U.S. government continues to aggressively seek information on U.S. taxpayers with non-U.S. bank accounts, the government announced on November 12, 2013, that it had obtained a court order authorizing the...more

11/15/2013 - Bank Accounts Banks Foreign Bank Accounts John Doe Investigation Summons Voluntary Disclosure

IRS Official Announces Crackdown on U.S. Taxpayers with Unreported Indian Accounts

Tax Analysts Tax Notes reports that the IRS Small Business/Self-Employed Division's special enforcement program (SEP) will soon begin examining U.S. taxpayers suspected of holding undeclared accounts in Indian banks. An IRS...more

11/15/2013 - India IRS Offshore Funds Tax Evasion

U.S. Signs FATCA IGA With France

Bloomberg BNA reports that the Treasury Department announced on November 14, 2013, that the U.S. and France have signed a Model 1 FATCA IGA. In other words, the IGA will require banks in France to report tax information about...more

11/15/2013 - EU FATCA IGAs U.S. Treasury

Federal Court Shuts Down Instant Tax Service

Tax Analysts Tax Notes reports that on November 6, 2013, Judge Timothy S. Black of the Southern District of Ohio permanently shut down Instant Tax Service, which claims to be the fourth largest tax return preparation firm in...more

11/12/2013 - Fraud Tax Preparers

U.S. Seeks John Doe Summonses for Two More U.S. Banks

The Chicago Tribune reports that U.S. authorities are seeking information from Citigroup Inc.’s Citibank NA and Bank of New York Mellon Corp to uncover the identities of U.S. citizens who may have been hiding money in Swiss...more

11/8/2013 - Banks IRS John Doe Investigation Summons

IRS Announces New Mandatory IDR Procedures

Tax Analysts Tax Notes reports that the IRS Large Business and International Division (LBI) released mandatory, stringent new procedures for enforcing information document requests (IDRs) and issuing summonses, minimizing...more

11/7/2013 - Document Requests IRS Request For Information

Maryland Lawyer Pleads Guilty to Under-reporting Income Diverted from Law Practice

Tax Analysts Tax Notes reports that Potomac, Maryland, attorney George Nelson Smith pleaded guilty on November 1, 2013 to filing a false tax return and failing to file a tax return. According to his plea agreement, Smith is...more

11/6/2013 - Embezzlement False Reporting Guilty Pleas Tax Evasion Tax Returns

American Pleads Guilty to Hiding Money in Israeli Bank Accounts

Tax Analysts Tax Notes is reporting that David Raminfard of Los Angeles pleaded guilty on November 4, 2013, in federal court to one count of conspiracy to defraud the United States (Klein conspiracy). ...more

11/6/2013 - FBAR Fraud IRS Offshore Banks Tax Evasion

Swiss Private Bank Dissolves Under Scrutiny by U.S. Department of Justice

Tax Notes reports that private Swiss bank Bank Frey & Co. AG announced October 17 that it will cease operations, further fallout from the United States’ enforcement efforts against offshore banks generally and Swiss banks in...more

10/22/2013 - DOJ Enforcement Actions Foreign Banks Investigations Offshore Banks

Nevada Businessman Sentenced to Nine Years in Prison

Multiple outlets are reporting that on October 15, 2013, William Reed, a Nevada businessman, was sentenced to nine years in federal prison after pleading guilty to conspiracy to defraud the United States, tax evasion, and...more

10/18/2013 - Conspiracies Criminal Prosecution Fraud Identity Theft Tax Evasion White Collar Crimes

Swiss Parliament Votes to Delay Enforcement of FATCA IGA By Six Months

Bloomberg BNA reports that Switzerland's parliament approved a six-month delay to enforce a bilateral Swiss-U.S. agreement on implementation of the U.S. Foreign Account Tax Compliance Act. The two chambers of the Swiss...more

10/2/2013 - EU FATCA Foreign Banks IRS

Arizona Businessmen Receive Lenient Sentences For Stashing Millions in Secret Swiss Accounts

Bloomberg BNA is reporting that two prominent Phoenix businessmen were each sentenced to 10 months in prison for their roles in a scheme to stash more than $8 million in secret offshore Swiss bank accounts and for not...more

9/26/2013 - FBAR Income Taxes IRS Offshore Banks Sentencing Tax Evasion

FinCEN Fines TD Bank for Failing to Report Nearly $1 Billion in Suspicious Transactions Related to Florida Ponzi Scheme

The Financial Crimes Enforcement Network (FinCEN) announced the assessment of a $37.5 million civil money penalty against TD Bank, N.A. for failure to file suspicious activity reports related to the massive Ponzi scheme...more

9/25/2013 - Banks FinCEN Fines Ponzi Scheme

Swiss Banks to Receive No Credit for Customers Who Entered OVDP without Banks' Encouragement

Tax Analysts Tax Notes reports that Kathryn Keneally, assistant attorney general for the Justice Department Tax Division, said that Swiss banks that enter the IRS’s newly-offered program will receive no credit for customers...more

9/25/2013 - Foreign Banks IRS Offshore Banks Offshore Funds OVDP Self-Disclosure Requirements Tax Evasion

UBS Client Sentenced to One Year in Prison

Bloomberg reports that a client of UBS AG was sentenced to a year and a day in prison for using a Swiss bank account to evade more than $1 million in taxes. ...more

9/24/2013 - Foreign Banks Offshore Banks Offshore Funds Prison Tax Evasion

Beanie Babies Creator to Plead Guilty to Hiding Income in Swiss Account

Tax Analysts reports that H. Ty Warner, owner of Beanie Babies production company TY Inc., was charged yesterday with federal tax evasion for allegedly failing to report on his 2002 Form 1040 more than $3.1 million in gross...more

9/24/2013 - Foreign Banks Offshore Banks Offshore Funds Tax Evasion

Colorado Accounting Department Head Sentenced to Federal Prison for Failing to Pay Over Employment Taxes

Bloomberg BNA reports that a Colorado woman who managed the accounting department of a garage door company she co-owns was sentenced to 28 months for failing to pay $4.67 million in employment taxes (United States v....more

9/16/2013 - Convictions Employment Tax Prison Tax Evasion

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