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Archive by Year:2011 - Page 4

OVDI Deadline has been extended!

Offshore Account Update

Posted in on August 8, 2011

Due to the potential impact of Hurricane Irene, the IRS has extended the due date for offshore voluntary disclosure initiative requests until September 9, 2011.

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Less Than One Week for Undisclosed Offshore Account Holders to Take Advantage of the Amnesty Program

Offshore Account Update

Posted in on August 8, 2011

U.S. taxpayers with undisclosed offshore accounts have less than a week to take advantage of the IRS’s 2011 Offshore Voluntary Disclosure Initiative (OVDI).  The deadline for entering the “amnesty” program is Friday, September 9, 2011.  The OVDI may likely be the last opportunity for U.S. taxpayers with undisclosed offshore accounts to benefit from pre-determined penalties and reduced criminal exposure, but only if the taxpayer comes forward before the deadline.

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One Week Until 2011 IRS Amnesty Program Deadline

Offshore Account Update

Posted in on August 7, 2011

More than ever, it appears the best alternative for taxpayers with undisclosed bank accounts is to enter into the IRS 2011 Offshore Voluntary Disclosure Initiative (OVDI).  But time is quickly running out to take advantage of the OVDI – the deadline for entering the “amnesty” program is next week.  The OVDI may well be the last chance for U.S. taxpayers with undisclosed offshore accounts to benefit from pre-determined penalties and reduced criminal exposure, but only if the taxpayer comes forward before the deadline of August 31, 2011.

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U.S. Persons with Undisclosed Offshore Accounts Take Action Against High IRS Penalties

Offshore Account Update

Posted in on August 6, 2011

Many Indian Americans that have either heard of or have entered into the 2011 OVDI know of the outrageously high civil penalties they could face by maintaining undisclosed foreign bank accounts; now, these Indian Americans are taking action with the U.S. Government to lessen their penalties.

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HSBC No Longer Maintains Relations with Undisclosed Offshore U.S. Account Holders

Offshore Account Update, UBS / HSBC

Posted in on August 5, 2011

Recently HSBC India has mandated that all ties with U.S. Clients and anyone associated with U.S. persons are to be severed.  Due to heightened pressure by the U.S. government into banks such as Credit Suisse and UBS, HSBC India is taking preventative action in order to limit current investigations by U.S. authorities.  The branch has issued letters to all of its U.S. clients informing them of their recent change in client structure, that is they do not want U.S. clients. 

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