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Archive by Month: February 2015

Bank Pleads Guilty to Tax Evasion Scheme

Offshore Account Update

Posted in on February 27, 2015

Bank Leumi is an Israeli-based international bank with subsidiaries in seven countries, including Switzerland. Bank Leumi was under investigation by the Department of Justice and has entered into a deferred prosecution agreement that was recently filed in a California court. The deferred prosecution deal arose after Bank Leumi was accused of a decade-long effort to help U.S. citizens evade tax obligations. It is the first deal of its kind to be entered into by an Israeli bank. 

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Annual FBAR Requirements

Offshore Account Update

Posted in on February 13, 2015

If you are a signatory on an offshore or foreign bank account but you do not earn income from that account, you likely do not think about it very often. Many family members have joint accounts with multiple signatories and non-beneficiary owners often have no actual transactions with the account over the course of the year. 

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