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Archive by Year:2016 - Page 4

What the Panama Papers Might Mean for Your Situation

Offshore Account Update

Posted in on April 15, 2016

The United States government and governments worldwide have been cracking down in recent years on offshore accountholders who are not reporting their offshore investment income or paying taxes on the income.  There have been numerous settlements with Swiss Banks through which the Department of Justice has gleaned extensive information on offshore banking practices. Now, however, the unauthorized release of 11 million documents, which is being called The Panama Papers, has revealed a treasure-trove of information about offshore banking practices.

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Bank Reaches Agreement With DOJ

Offshore Account Update

Posted in on March 25, 2016

Bank J. Safra Sarasin AG allegedly helped to facilitate tax evasion by U.S. citizens. The Swiss bank helped U.S. clients title their offshore accounts in the names of Panama corporations and it falsely signed IRS forms certifying these accounts were owned by Panama entities so U.S. taxpayers wouldn't have to report them. The bank also helped set up nominee entities for U.S.-connected accounts which were undeclared. When the bank came under suspicion for these and other efforts at aiding in tax evasion, it helped U.S.-connected accountholders transfer money to other offshore banks in Israel, Liechtenstein and Hong Kong.

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OVDP Participation: Know the Requirements

Offshore Account Update

Posted in on March 11, 2016

If you had money offshore and didn't file annual Reports of Foreign Bank and Financial Accounts (FBARs), you could find yourself facing penalties imposed by the Internal Revenue Service (IRS). Banks are cooperating with the IRS and giving detailed account information about people with offshore funds.  If the IRS determines you failed to follow the rules for reporting offshore accounts and paying taxes on income, there's the potential for criminal consequences.

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U.S. To Expand Offshore Bank Investigations to Singapore and Israel

Offshore Account Update

Posted in on February 26, 2016

Switzerland has long been the location where U.S. investors keep funds offshore because of strong banking privacy laws. With the Swiss Bank Program and the Department of Justice crackdown on Swiss institutions, however, this is no longer the case.

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More Banks Choose to Make Deals With the Department of Justice

Offshore Account Update

Posted in on February 12, 2016

Edmond de Rothschild (Suisse) SA and Edmond de Rothschild (Lugano) are two financial institutions that are part of Edmond de Rothschild Switzerland (EdR).  These two institutions made a deal with the Department of Justice in December so EdR can avoid criminal prosecution. The institutions were at risk of being charged with helping to facilitate tax evasion, as the banks reportedly aided U.S. accountholders in hiding funds offshore over the course of more than a decade.  EdR Switzerland had 950 U.S. affiliated accounts at one point, with as much as $2.16 billion in assets in these accounts at one time. 

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