Tax Evasion

The Offshore Voluntary Disclosure Program: A Brief History And Overview Of The Complexities Involved In Disclosing Foreign Assets

by CMCP - California Minority Counsel Program on 5/22/2013

The IRS and the Justice Department have increased their efforts regarding criminal investigation of international tax evasion. ...more

Indian American Neurosurgeon Sentenced to Probation for Unreported Offshore Bank Accounts

by Jay Nanavati | BakerHostetler on 5/21/2013

On February 1, 2013, the U.S. District Court for the Eastern District of Wisconsin sentenced Arvind Ahuja, a Milwaukee neurosurgeon, to serve three years of probation and to pay a fine of $350,000 following his conviction by...more

IRS Announces Information Sharing Agreement With Australia And The UK To Combat Tax Evasion

by David Gair | Looper Reed & McGraw, P.C. on 5/13/2013

The IRS continues to aggressively pursue offshore tax evasion. Another example of which is plan to share tax information with Australia and the United Kingdom....more

HM Revenue & Customs - Tax Evasion Enforcement

by Jonah Anderson, Caroline Black, Neil Gerrard, Jonathan Pickworth, Duncan Wiggetts | Dechert LLP on 5/7/2013

There has been much publicity regarding tax avoidance of late in the UK. In the age of austerity, tax avoidance by companies is scruitnised by the press and is a hot topic with the public....more

Grand Jury Indicts Swiss Lawyer and Banker in Tax Evasion Scheme

by Tenley Mochizuki, Emily Stern | Katten Muchin Rosenman LLP on 5/1/2013

A New York federal grand jury recently indicted a Swiss lawyer and bank executive for their roles in allegedly assisting US citizens with hiding assets in Swiss bank accounts, allowing the US citizens to evade income taxes....more

Unusual Results In Offshore Account Case

by Charles (Chuck) Rubin on 4/29/2013

79 year-old Mary Estelle Curran received good new when she was sentenced for criminal tax evasion and failing to file reports of foreign bank accounts on UBS Swiss accounts she inherited from her husband....more

Corporate and Financial Weekly Digest - April 26, 2013

by Katten Muchin Rosenman LLP on 4/29/2013

In this issue: - NFA Amends CPO and CTA Quarterly Reporting Requirements - SDNY Imposes Second Highest Penalty Under Foreign Corrupt Practices Act - Grand Jury Indicts Swiss Lawyer and Banker in Tax...more

FATCA Compliance for Investment Fund Managers Part One

by Christopher Cawley, Nicola Lemay, Richard Schaul-Yoder | Foley Hoag LLP on 4/2/2013

U.S. Funds with Only U.S. Investors - FATCA, the new U.S. tax regime designed to combat offshore tax evasion by U.S. taxpayers, will go into effect on January 1, 2014. As a fund manager, you will be required to ensure...more

Argentina Seeks Access to Financial Information on Nationals

by Rebecca Leon | Morgan Lewis on 4/1/2013

Argentina signs the OECD Convention, but it does not obtain automatic access to financial information. On September 13, 2012, the Organization for Economic Co-operation and Development (OECD) announced that Argentina...more

Final Regulations Implementing the Foreign Account Tax Compliance Act (“FATCA”)

by Orrick, Herrington & Sutcliffe LLP on 3/29/2013

On January 17, 2013, the Internal Revenue Service (“IRS”) released final regulations (the “Final Regulations”) implementing the reporting and withholding provisions of the HIRE Act (commonly known as the Foreign Account Tax...more

As Foreign Banks May Disclose U.S. Depositors, Foreign Account Holders Should Consider IRS OVDI Program

by Joan C. Arnold, Kevin M. Johnson | Pepper Hamilton LLP on 3/29/2013

In December, Bank Leumi le-Israel BM issued a letter notifying its U.S. account holders about the IRS Offshore Voluntary Disclosure Initiative (the OVDI). The IRS OVDI is a type of amnesty program under which U.S. citizens...more

Son of FATCA – Swiss/U.K. Agree on Information Exchange

by Sanford Millar on 3/25/2013

In what is clearly the first of many to come intergovernmental agreements similar to the Foreign Account Tax Compliance Acct (FATCA) adopted by the U.S. in 2010, the governments of Switzerland and the United Kingdom entered...more

Tax Measures in 2013 UK Budget

by E.S. Kate Habershon, Katerina Heal | Morgan Lewis on 3/22/2013

UK government supports businesses, focusing on the UK's competitiveness while clamping down on tax avoidance and evasion. On 20 March, UK Chancellor of the Exchequer George Osborne released the UK's 2013 budget. The...more

US Court Orders Wegelin to Pay a Total Penalty of $74 Million

by Fuerst Ittleman David & Joseph, PL on 3/14/2013

As has been widely reported, the United States District Court for the Southern District of New York sentenced Wegelin & Co, the oldest Swiss private bank, to pay an additional $58 million after it admitted to helping wealthy...more

FATCA And Voluntary Disclosure

by Michael Volkov on 3/7/2013

The Internal Revenue Service has had success encouraging taxpayers with offshore accounts to disclose their foreign accounts and pay back taxes. In 2009 and 2011, the IRS announced the Offshore Voluntary Disclosure Program...more

Why California Needs a New Voluntary Disclosure Program.

by Sanford Millar on 3/5/2013

“Sometimes for taxpayers, who have serious tax non-compliance issues or may be facing international tax enforcement, the option of initiating a state voluntary disclosure contemporaneously with the making of a federal...more

Required Records, The Act Of Production And Secret Offshore Accounts

by Jeremy Temkin | Morvillo Abramowitz Grand Iason & Anello P.C.... on 2/27/2013

The Fifth Amendment dictates that no person "shall be compelled in any criminal case to be a witness against himself." While most non-lawyers (and many lawyers) might assume that this simple edict means the government cannot...more

Offshore Banks, Required Records and Secret Funds Transfers: a Receipe for Disaster

by Sanford Millar on 2/25/2013

Recently, two Israeli banks are reported to have agreed to cooperate in criminal tax investigations being conducted by the Criminal Tax Division of the U.S. Department of Justice. The specific actions allegedly involve a...more

The Treasury Department and IRS Release Final FATCA Regulations

by Ropes & Gray LLP on 2/22/2013

On January 17, 2013, the Treasury Department (Treasury) and the Internal Revenue Service (IRS) released long-awaited final regulations on the set of statutory rules commonly referred to as FATCA. As more fully described in...more

Switzerland’s Oldest Bank, Wegelin & Co., Pleads Guilty to Tax Violations, Agrees to Pay $74 Million to the United States

by Fuerst Ittleman David & Joseph, PL on 1/7/2013

On January 3, 2013, the United States Attorneys Office for the Southern District of New York announced that Switzerlands oldest bank, Wegelin & Co. (“Wegelin”), has pled guilty “to conspiring with U.S. taxpayers and others to...more

The Second Circuit Reverses A Conviction For Tax Evasion Based On Insufficient Evidence

by Matthew G. Kaiser | The Kaiser Law Firm PLLC on 12/28/2012

Five partners at Ernst & Young - Robert Coplan, Martin Nissenbaum, Richard Shapiro, and Brian Vaughn, and Charles Bolton - were charged with a number of tax crimes in federal court in New York, specifically tax evasion,...more

The Second Circuit Reverses A Conviction For Tax Evasion Based On Insufficient Evidence

by Matthew G. Kaiser | The Kaiser Law Firm PLLC on 12/28/2012

Five partners at Ernst & Young - Robert Coplan, Martin Nissenbaum, Richard Shapiro, and Brian Vaughn, and Charles Bolton - were charged with a number of tax crimes in federal court in New York, specifically tax evasion,...more

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The Offshore Voluntary Disclosure Program: A Brief History And Overview Of The Complexities Involved In Disclosing Foreign Assets

Indian American Neurosurgeon Sentenced to Probation for Unreported Offshore Bank Accounts

IRS Announces Information Sharing Agreement With Australia And The UK To Combat Tax Evasion

HM Revenue & Customs - Tax Evasion Enforcement

Grand Jury Indicts Swiss Lawyer and Banker in Tax Evasion Scheme

Unusual Results In Offshore Account Case

Corporate and Financial Weekly Digest - April 26, 2013

FATCA Compliance for Investment Fund Managers Part One

Argentina Seeks Access to Financial Information on Nationals

Final Regulations Implementing the Foreign Account Tax Compliance Act (“FATCA”)

As Foreign Banks May Disclose U.S. Depositors, Foreign Account Holders Should Consider IRS OVDI Program

Son of FATCA – Swiss/U.K. Agree on Information Exchange

Tax Measures in 2013 UK Budget

US Court Orders Wegelin to Pay a Total Penalty of $74 Million

FATCA And Voluntary Disclosure

Why California Needs a New Voluntary Disclosure Program.

Required Records, The Act Of Production And Secret Offshore Accounts

Offshore Banks, Required Records and Secret Funds Transfers: a Receipe for Disaster

The Treasury Department and IRS Release Final FATCA Regulations

Switzerland’s Oldest Bank, Wegelin & Co., Pleads Guilty to Tax Violations, Agrees to Pay $74 Million to the United States

The Second Circuit Reverses A Conviction For Tax Evasion Based On Insufficient Evidence

The Second Circuit Reverses A Conviction For Tax Evasion Based On Insufficient Evidence

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