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Archive by Month: April 2015

UBS Under Investigation Again

Offshore Account Update, UBS / HSBC

Posted in on April 24, 2015

UBS Bank has been hit hard by federal investigators in recent years. In 2009, the offshore bank settled claims of helping clients to evade IRS tax obligations, paying a penalty of $780 million.  The bank is now being investigated again, this time for allegedly marketing illegal investments to U.S. investors who wanted to hide the income they were earning from the Internal Revenue Service. 

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Higher Penalties for Bad Banks

Offshore Account Update

Posted in on April 10, 2015

If you have not filed your FBARs (Report of Foreign bank and Financial Accounts) and IRS Form 8938 for all of your offshore accounts each year, you could face criminal and civil penalties if the IRS finds out. The IRS is cracking down on banks, and financial institutions are turning over accountholder names, so there is a good chance you will be identified if you haven’t disclosed offshore investments. 

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