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Category: Articles/News - Page 3

A Closer Look at a Few Noteworthy Tax Offenses and Convictions

Articles/News, Offshore Account Update

Posted in on December 30, 2016

The Department of Justice Tax Division has been aggressively cracking down on those who evade their tax obligations. One of the DOJ's main focuses has revolved around identifying people who fail to declare offshore funds.  U.S. authorities have been making deals with banks to obtain information on accountholders and have created amnesty programs with the goal of getting certain violators to come forward and report previously undeclared offshore accounts in exchange for reduced penalties and avoiding criminal charges.

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Tax Evasion Investigation Moves Forward


Posted in on January 30, 2015

From 2005 to 2013, a company called Sovereign Management & Legal LTD (Sovereign) reportedly helped U.S. citizens perpetrate and carry out schemes to defraud the government of income tax revenue.  The Internal Revenue Service, as well as local prosecuting authorities, are trying very hard to find out exactly which U.S. taxpayers may have sought help from Sovereign and taken steps to hide assets and income. 

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Time is Running out to Limit Penalties for Undeclared Offshore Accounts

Articles/News, Featured, Offshore Account Update

Posted in on July 21, 2014

If you have an account offshore, the Report of Foreign Bank Account and Financial Accounts Report (FBAR) must be filed each year with the Internal Revenue Service to declare the account. If you have failed to file your FBAR and have not disclosed your foreign accounts, you could face penalties. You may be fined and even prosecuted for felony tax evasion and potentially sent to jail.

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Is OVDP Right For You?

Articles/News, Featured, Offshore Account Update

Posted in on July 6, 2014

The IRS Offshore Voluntary Disclosure Program (OVDP) allows taxpayers the opportunity to come forward and disclose offshore accounts that they may not have previously reported to the Internal Revenue Service as required.  Those who come forward may avoid criminal prosecution and avoid the harsh penalties that they could otherwise face if the government discovers the account before a disclosure is made.

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New Jersey Tax Attorney Explains OVDP

Articles/News, Hot Topics, Offshore Account Update

Posted in on June 24, 2014

Since 2009, the Offshore Voluntary Disclosure Program (OVDP) has made it possible for more than 45,000 taxpayers to declare offshore foreign accounts that they had failed to disclose in the past.  The OVDP was designed to reduce penalties that would be associated with a failure to disclose a foreign account.  Unfortunately, the program was very limited and many people who wanted to take advantage of it were unable to do so. 

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