Thursday, May 28, 2015

Long-Awaited Foreign Account Tax Compliance Act Final Rules Issued by Government

January 22, 2013 in BNA's Banking Report · Leave a Comment 

The Treasury Department and the IRS issued long-awaited final rules, with changes intended to harmonize agreements negotiated with other countries. The 2010 law is intended to stop cross-border tax evasion…

IRS Coordinates Due Diligence Timelines for Requirements Related to Foreign Account Tax Compliance Act

November 6, 2012 in Banking Report · Leave a Comment 

The IRS announced Oct. 24 it would significantly reduce the administrative burden of completing due diligence requirements for U.S. withholding agents and foreign financial institutions under the FATCA, by aligning the time frames placed on withholding agents to identify the U.S. accounts to be reported to IRS…

U.S., 14 Other Nations Sign OECD, Council of Europe Agreement on Cooperation in Tax Matters

May 28, 2010 in Daily Tax Report · Leave a Comment 

Fifteen countries, including the United States, May 27 signed an update to a 1988 multilateral pact on administrative cooperation in tax matters that aims to provide a legal framework for…

Manhattan District Attorney Announces Three Cases on Assets Hidden in Swiss Bank Accounts

May 20, 2010 in Daily Tax Report · Leave a Comment 

Criminal charges have been filed against three New York City residents for falsifying personal income tax by hiding assets in secret Swiss bank accounts held at…

Significant Number of Offshore Asset Cases to be Done by End of Year, IRS Officials Say

May 11, 2010 in Daily Tax Report · Leave a Comment 

The Internal Revenue Service has assigned cases to agents for nearly all of the 15,000 taxpayers who came in under the special program to allow voluntary disclosures of offshore assets that…

Tax Attorneys Criticize Potential Prosecutions of Some Who Disclosed Offshore Assets

May 6, 2010 in Daily Tax Report · Leave a Comment 

A group of criminal tax attorneys is criticizing the Internal Revenue Service for potentially bringing criminal charges against taxpayers who tried to tell the government about offshore assets under…

UBS Whistleblower Asks Obama to Commute 40-Month Prison Sentence to Time Served

April 16, 2010 in Daily Tax Report · Leave a Comment 

The whistleblower who exposed UBS AG’s efforts to aid U.S. taxpayers in avoiding their U.S. tax obligations—who was sentenced to 40 months in prison for tax evasion despite…

Seven UBS Clients Charged with Hiding More Than $100 Million in Swiss Accounts

April 16, 2010 in Daily Tax Report · Leave a Comment 

The Justice Department announced April 15 that seven clients of the Swiss banking giant UBS AG have been charged with collectively hiding more than $100 million from the Internal Revenue Service through…

New Jersey Man Pleads Guilty to Failing to Disclose $1 Million in UBS Account

April 13, 2010 in Daily Tax Report · Leave a Comment 

An Oradell, N.J., man pleaded guilty April 12 to failing to file a report of foreign bank or financial accounts (FBAR) disclosing his accounts with UBS AG in Switzerland and to concealing more than…

U.S., Switzerland Announce Treaty Protocol to Allow Transferring of UBS Names to IRS

April 1, 2010 in Daily Tax Report · Leave a Comment 

GENEVA – The United States and Switzerland signed a protocol March 31 allowing for the provisional application of their Aug. 19 agreement requiring Swiss banking giant UBS to hand over details on 4,450 secret bank accounts held by U.S. taxpayers.

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