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DOJ and IRS Continue to Charge UBS Customers with Criminal Tax Evasion On February 28, 2013, the US Department of Justice issued a press release announcing thatPeter Troost, owner of Troost Memorials, has been charged with federal criminal tax evasion for allegedly failing to report all of his income, including money he held in a …

Taxpayers Caught in UBS/ FBAR Disclosure Trap Not Allowed to Recover IRS FBAR Penalties Paid to the IRS. IN ANOTHER DISAPPOINTMENT to US taxpayers with hidden assets overseas.  The federal courts have just held that Taxpayers caught by the IRS with undisclosed accounts or income, can’t recover for their IRS FBAR penalties from their former …

IRS Announced New Disclosure Agreement with Switzerland Happy Valentines Day to You from the Treasury.  The IRS continues to push ahead with tools to discover unreported bank and brokerage accounts outside the United States owned by US Citizens or resident aliens.     On January 17, 2013, the Treasury Department and the IRS finalized theregulations …

FinCEN Extends FBAR Filing Deadline Until June 30, 2014, for Some Foreign Accounts The Financial Crimes Enforcement Network (FinCEN) is giving some individuals more time to report their foreign accounts if they have signature authority over the account but no financial interest in it. Under the Bank Secrecy Act, US taxpayers with a financial interest in, or signature …

WASHINGTON — The Internal Revenue Service today announced a plan to help U.S. citizens residing overseas, including dual citizens, catch up with tax filing obligations and provide assistance for people with foreign retirement plan issues. “Today we are announcing a series of common-sense steps to help U.S. citizens abroad get current with their tax obligations …

WASHINGTON — The Internal Revenue Service today announced that its offshore voluntary disclosure programs have exceeded the $5 billion mark and released new details regarding the voluntary disclosure program announced in January, including tightening the eligibility requirements. “We continue to make strong progress in our international compliance efforts that help ensure honest taxpayers are not …

 New Agreement to Strengthen Cooperation in Combating Tax Evasion,  Reduce Administrative Burden on Financial Institutions WASHINGTON –  On June 21, 2012 the U.S. Department of the Treasury issued separate joint statements with Switzerland and Japan expressing mutual intent to pursue a framework for intergovernmental cooperation to facilitate the implementation of the Foreign Account Tax Compliance Act …

(This text is taken directly from an IRS fact sheet.) Information for U.S. Citizens or Dual Citizens Residing Outside the U.S. Source:  IRS – FS-2011-13, December 2011 The IRS is aware that some taxpayers who are dual citizens of the United States and a foreign country may have failed to timely file United States federal …

In January, the Internal Revenue Service (IRS) reopened the offshore voluntary disclosure program to help people with unreported offshore accounts get current with their taxes and reporting obligations.  The IRS cited continued strong interest from taxpayers and tax practitioners after the closure of the 2011 and 2009 programs. This third offshore program will be open …

Due to the potential impact of Hurricane Irene, the IRS has extended the due date for offshore voluntary disclosure initiative (OVDI) requests until Sept. 9, 2011, from the prior deadline of August 31, 2011.   This is a nice strategy move by the IRS, who would like as many people as possible to participate in …