Tags » Offshore Accounts

DEPARTMENT OF JUSTICE AND IRS CONTINUE TO FOCUS ON CATCHING OFFSHORE TAX CHEATS

The Department of Justice Tax Division on August 17 released a transcript of comments made by Principal Deputy Assistant Attorney General, Caroline D. Ciraolo, who had spoken at the Panama Bankers Association Anti-Money-Laundering Conference.in Panama City, Panama. 2,957 more words

Some Shell Companies Sidestep New UK Transparency Rules

Some UK shell companies under offshore control may be skirting new rules which were designed to clamp down on corruption and tax evasion by forcing businesses to reveal their true owners, a Reuters analysis of corporate filings shows. 1,300 more words

Finance

Automatic Exchange of Information (AEOI): A Global Initiative

By: Justin Meagher and Patti Griffin

As offshore accounts become more common, tax administrators are struggling to accurately track individuals’ wealth. In the past, tax administrators relied on taxpayers to disclose their wealth in these offshore accounts, but with more countries adopting the AEOI system, that may no longer be the case. 343 more words

Regulation

MORE ON INHERENT RISK IN STREAMLINED NON-WILLFUL CERTIFICATIONS

I have posted often about the risk of using the Streamlined Filing Compliance Procedures, specifically about the risk of making a statement under penalties of perjury of the reasons the taxpayer believes his or her conduct in failing to comply with the filing and reporting obligations was non-willful. 432 more words

WAITING IS A DANGEROUS GAME FOR THOSE STILL NOT IN COMPLIANCE WITH FOREIGN REPORTING RULES

Over 55,000 taxpayers have come into compliance by entering the Offshore Voluntary Disclosure Program. An untold number of less culpable non-willful taxpayers have come into compliance under the Streamlined Filing Compliance Procedures.  971 more words

Robert S. Steinberg

The IRS warns Americans: Fess up before we read the Panama Papers

If you’ve done any dodgy dealings with a Panamanian law firm, you might want to consider coming clean: US tax officials are trying to figure out how to use the Panama Papers in their investigations, and have advised Americans to disclose their offshore accounts before they are discovered by the government. 205 more words