201812.09
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Is it Illegal to Purchase Offshore Assets or Move Money Overseas?

Is it Illegal to Purchase Offshore Assets or Move Money Overseas? The word “offshore” usually conjures up an image of yourself sitting across from a well-dressed banker in Switzerland. On your lap sits a suitcase filled with cash (of legally withdrawn money) that you traveled with to UBS (because you’ve seen way too many spy movies). As…

201812.03
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Swiss Bankers Get Probation…After Cooperating with US Prosecutors

Swiss Bankers Get Probation…After Cooperating with US Prosecutors In a recent case (11/2018), a Manhattan Federal Court Judge sentenced two Swiss Bankers that defrauded the IRS with probation. While that’s great for them…how many names did they have to give up to the IRS? Your Swiss Accounts are Neither Confidential Nor Secret Sure, maybe 30-years…

201811.30
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(New) OVDP & IRS Voluntary Disclosure Practice Procedures Update

(New) OVDP & IRS Voluntary Disclosure Practice Procedures Update The IRS has announced a new set of rules involving OVDP and the IRS Voluntary Disclosure practices.  While the general practice of IRS OVDP and Offshore/Voluntary Disclosure is similar to what it was before, there have been some significant changes (some better, some worse). The IRS…

201811.27
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Pre-IRS Disclosure Offshore/Foreign Penalties are on the Rise

Pre-IRS Disclosure Offshore/Foreign Penalties are on the Rise A few months back, the Internal Revenue Service (IRS) made good on its promise to discontinue the Offshore Voluntary Disclosure Program (OVDP). Even though the IRS has ended the OVDP program there are still other voluntary disclosure/amnesty programs that a person can use in order to get into IRS…