Tax Law Blog

To identify and reduce tax evasion through offshore tax accounts, US citizens are required to annually report assets held in foreign bank accounts.  FATCA is a regulation that requires just such a filing.

Despite dogged pursuit of US citizens for tax fraud and hidden foreign bank accounts, the US ranks a global number two as a reliably safe place to stash secret cash.

In early June, the Internal Revenue Service (IRS) took a step toward helping those with late payments associated with the new section 965 transition tax.

Britain has finally given in to pressure to require greater transparency from its far-flung territories on tax concerns.

Offshore tax havens with lax regulatory environments are the bane of legitimate governments everywhere. Using these tax...

Tax season is coming to a close—or is it?

In its annual call-out of common scams to defraud federal coffers, offshore tax evasion still ranks high for the Internal Revenue Service (IRS).

Americans are required to comply with the requirements of Foreign Bank Account Reports. Failing to report a foreign bank account that has a value of $10,000 at any point during the year can result in serious consequences of FBAR violations. The...

Taxpayers with undisclosed foreign assets urged to come forward now.

The Internal Revenue Service today announcedit will begin to ramp down the 2014 Offshore Voluntary Disclosure Program (OVDP) and close the program on Sept. 28, 2018. By alerting...

In an effort to address international offshore tax evasion and avoidance, the European Union (EU) created a blacklist in December 2017 that identified 17 countries and put 47 more on a “gray list” for failing to meet international standards of...

At the recent 34^th annual National Institute on Criminal Tax, the Department of Justice (DOJ) announced that it intended to impose stricter sentences in Foreign Bank Account Report (FBAR) cases. Under these new rules, violators could be subjected to...