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Category: Articles/News - Page 3

Federal Jury Assesses 150 Percent Penalty on Swiss Account


Posted in on June 18, 2014

In an effort to crack down on tax evasion, the Justice Department and Internal Revenue Service require U.S. persons with foreign bank accounts to complete Form TD F 90-22.1. This form is more commonly referred to as FBAR, short for Report of Foreign Bank and Financial Accounts.  A failure to file can result in penalties of 50 percent of the high account balance. 

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IRS Obtains a 150% Penalty From an 87-Year-Old Man in Florida for Willfully Not Filing FBARs


Posted in on June 6, 2014

On May 28, 2014, a Federal District Court Jury in Florida awarded FBAR penalties amounting to $2,241,809 to the U.S. government for a man’s failure to disclose an offshore account that had a high balance of $1,691,054 during the years that the account was not in compliance with information reporting requirements. This FBAR penalty is equivalent to 150% of the highest account value in the undeclared foreign bank account.

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American Taxpayers With Undisclosed Overseas Accounts May Soon Have Information Given To The U.S. Government, Because Credit Suisse Has Agreed To Pay 2.6 Billion Dollars In Fines To the U.S. Government

Articles/News, Offshore Account Update

Posted in on May 21, 2014

American Taxpayers with undisclosed foreign accounts may soon have their account information given  to the United States Government, because Credit Suisse has agreed to pay over 2.6 billion dollars in fines to the U.S. Government, and has also pleaded guilty to various illegal financial activity.  Because of this landmark case, other foreign banks may now enter into plea agreements with the U.S. Government.

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It Is Believed That Credit Suisse May Soon Reach a Deal With the Justice Department, That Will Turn Over U.S. Taxpayer‘s Undisclosed Account Information

Articles/News, Offshore Account Update

Posted in on May 9, 2014

If Credit Suisse reaches a deal with the Justice Department, the disclosure of U.S. Taxpayers undisclosed offshore account information would be part of the negotiations. This would also put into place the DOJ procedures of the investigations of banks in the future.

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