News & Analysis as of

Offshore Banks

Internal Revenue Service Reminds Taxpayers To Report Offshore Bank Accounts On FBAR Form

by Fox Rothschild LLP on

The Internal Revenue Service has issued its annual reminder to taxpayers that they report their foreign assets on their individual tax returns due on April 17, 2018. Individuals with offshore assets such as bank accounts...more

IRS Announces End to Foreign Bank Account Disclosure Program: What Can You Do Now If You Still Have Unreported Foreign Bank...

by McNair Law Firm, P.A. on

The IRS recently announced it will be shutting down its successful Offshore Voluntary Disclosure Program (OVDP) for unreported foreign bank accounts and income. The program will end September 28, 2018. Under the OVDP, first...more

U.S. Internal Revenue Service Cancels Offshore Amnesty Program

by Butler Snow LLP on

The U.S. Internal Revenue Service has just announced that it will end the Offshore Voluntary Disclosure Program (“OVDP”) on 28 September 2018. ...more

Offshore Accountholders Beware: New DOJ Sentencing Policy For FBAR Cases Is A Game-Changer

by Fox Rothschild LLP on

The Justice Department’s Tax Division has recently announced a major policy shift that will invariably result in longer jail sentences for individuals convicted of failing to report their offshore bank accounts on the FBAR...more

¿Será la pregunta para el año 2017: ¿tiene cuentas financieras extranjeras?

by Foodman CPAs & Advisors on

Desde la crisis financiera mundial que comenzó en el 2007, los contribuyentes Estadounidenses e Internacionales han estado bajo un escrutinio creciente. El sistema financiero ha sido fuertemente regulado y monitoreado de...more

Will the question for the Year 2017 be: Do you have Foreign Financial Accounts?

by Foodman CPAs & Advisors on

Since the Global Financial Crisis that began in 2007, domestic and international Taxpayers have been under increasing scrutiny. The financial system has been heavily regulated and closely monitored. In addition, the US Tax...more

Update on IRS Offshore Initiatives: Investigations and agreements with financial institutions worldwide

by Moskowitz LLP on

In our last post, we noted that the U.S. government goes to great lengths to identify and prosecute noncompliant taxpayers, as well as promoters and financial institutions who assist U.S. taxpayers avoid their tax obligations...more

EU Blacklisting of Tax Havens

by Ropes & Gray LLP on

After months of screening global tax policies by the European Council’s Code of Conduct Group, the EU has finalised its tax-haven blacklist – a list of non-cooperative jurisdictions for tax purposes, which currently comprises...more

DOJ Announces Major New Shift in Criminal Sentencing in Offshore Tax Matters

At the 34th Annual National Institute on Criminal Tax Fraud in Las Vegas yesterday afternoon, Mark Daly, DOJ Tax Division Senior Litigation Counsel announced a major new shift in how the Department of Justice plans to argue...more

What would happen to the value of cryptocurrencies if Exchanges had to Issue a Form 1099 on an annual basis?

by Sanford Millar on

The IRS issued a John DOE Summons for records of U.S. account holders of Coinbase, Inc. (“Coinbase”) a cryptocurrency exchange based in San Francisco, California. Coinbase objected to production of the records and a Summons...more

The Accountant and the Paradise Papers

by Foodman CPAs & Advisors on

Under U.S. Tax Law, it is appropriate for an Accountant to advise a US Taxpayer regarding his tax efficiency if the Taxpayer wants to pay less tax and accumulate wealth. While tax avoidance is legal and encouraged by the...more

Manafort Indictment Alleges High-End International Money Laundering and Tax Fraud Involving Offshore Accounts

by Ballard Spahr LLP on

As the world now knows, an indictment against Paul Manafort, Jr., a former campaign chairperson for now-President Donald Trump, and Manafort’s associate, Richard Gates III, was unsealed yesterday. ...more

IRS Urges Foreign Financial Institutions To Renew Their FATCA Registrations

by Fox Rothschild LLP on

The Internal Revenue Service has issued a reminder to foreign financial institutions to renew their Foreign Financial Institution (FFI) agreement if required. These FFIs have until October 24, 2017 to complete their renewal....more

WSGR Fintech Update - September 2017

FinCEN Sanctions Offshore Virtual Currency Exchange - The Financial Crimes Enforcement Network (FinCEN) recently imposed civil money penalties of over $122 million against BTC-e (also known as Canton Business Corporation)...more

Justice Department’s Latest Offshore Bank Resolution Confirms Value Of Self-Disclosure And Voluntary Remediation By At-Risk...

by Fox Rothschild LLP on

The Justice Department revealed its latest offshore bank resolution by announcing that it had entered into a non-prosecution agreement with a Swiss asset management firm called Prime Partners. This means that Prime Partners...more

Mossack Fonseca Founders Arrested and Detained on Money Laundering Charges

by Ballard Spahr LLP on

The founders of Panamanian law firm Mossack Fonseca were arrested on Saturday, following their indictment on money-laundering charges allegedly tied to the ever-widening Petrobas corruption scandal in Brazil. Kenia...more

[Webinar] Business E-mail Compromise Scams - Practical Perspectives - January 12th, 10:30am EST

by Locke Lord LLP on

An increasing number of businesses are targeted by very sophisticated email scams designed to convince company employees responsible for executing financial transactions to wire funds to overseas accounts controlled by...more

Government Investigations: Use of the Financial Crimes Enforcement Network and Virtual Currency

by Moskowitz LLP on

Since 2009, the US Department of Justice has implemented an aggressive anti-tax evasion strategy that has changed by targeting tax havens that host financial intermediaries (i.e., banks) to the financial intermediaries...more

¿Ha recibido una Carta FATCA?

by Foodman CPAs & Advisors on

Muchos Expatriados Estadounidenses están recibiendo Cartas FATCA de los bancos del extranjero alrededor del mundo. Los bancos están enviando estas cartas en anticipación al Reporte FATCA del IRS para reportar la información...more

Have You Received a FATCA Letter?

by Foodman CPAs & Advisors on

Many U.S. expatriate taxpayers are receiving “FATCA” letters from offshore banks around the world. The banks are sending the letters in anticipation of their I.R.S. FATCA reports of U.S. taxpayer offshore financial...more

In Wake of Panama Papers Scandal Obama Calls for Stricter Bank Regulations, Tax Rules

In a news conference May 6, President Obama addressed recently announced rules and proposed regulations intended to help the U.S. fight tax evasion and other crimes connected to anonymous offshore companies and accounts. The...more

Your daily dose of financial news The Brief – 5.10.16

by Robins Kaplan LLP on

Big news out of the online lending space, as Lending Club’s chair and CEO—Renaud Laplanche—has resigned after an internal review “showed a violation of the company’s business practices” related to sales of $22 million in...more

Today’s Panama Papers Release May Require Immediate Action to Mitigate Risk of Criminal Prosecution

by Blank Rome LLP on

Action Item: Today at 2:00 p.m. (EDT), a massive database of information from the leaked “Panama Papers” files will be made public for the first time, identifying the real owners behind over 200,000 offshore companies set up...more

In Wake of Panama Papers Scandal Obama Calls for Stricter Bank Regulations, Tax Rules

In a recent news conference President Obama addressed rules and proposed regulations announced Thursday intended to help the U.S. fight tax evasion and other crimes connected to anonymous offshore companies and accounts. The...more

Justice Department Announces Historic Conclusion of Swiss Bank Program for Category 2 Institutions

by Blank Rome LLP on

The Justice Department achieved a historic milestone in its ground-breaking Swiss Bank Program with its announcement today of the final Category 2 bank resolution. The Justice Department executed its 80th and final agreement...more

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