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IRS Announces New And Updated Voluntary Disclosure Program For Foreign And Domestic Tax Issues
On November 20, 2018, the IRS announced a new and updated voluntary disclosure program (UVDP). The UVDP imposes much harsher financial penalties for taxpayers who missed the deadline...
United States
11 Dec 2018
2
The End Is Near: Correcting Offshore Tax Problems Before And After IRS Closes Offshore Voluntary Disclosure Program On September 28, 2018
It's not too late to correct your U.S. tax filing compliance errors related to offshore holdings, but time is quickly running out.
United States
16 Mar 2018
3
New Annual U.S. Tax Reporting Required For Foreign-Owned U.S. Limited Liability Companies And Other U.S. Business Entities
On December 13, 2016, the U.S. Treasury Department and Internal Revenue Service issued final regulations mandating that foreign-owned U.S. limited liability companies (and other U.S. business entities) . . .
United States
19 Dec 2016
4
IRS Proposes New U.S. Tax Reporting by Foreign-Owned U.S. Limited Liability Companies
On May 5, 2016, the U.S. Treasury Department announced several actions intended to strengthen financial transparency, including the issuance of proposed regulations that significantly increase the reporting and record maintenance requirements of U.S. disregarded entities owned by foreign persons.
United States
23 May 2016
5
Bank Leumi Agreement With Department Of Justice Results In Disclosure Of Identities Of 1,500 U.S. Account Holders
Leumi reported that it is the first Israeli bank to reach a settlement with U.S. authorities.
United States
13 Jan 2015
6
The 2014 IRS Offshore Voluntary Disclosure Program And New Streamlined Filing Procedures
On June 18, 2014, the Internal Revenue Service (IRS) announced major changes in its offshore voluntary compliance programs.
United States
10 Jul 2014
7
IRS Announces Major Changes To Offshore Voluntary Disclosure Program
On June 18, 2014, the Internal Revenue Service (IRS) announced major changes in its offshore voluntary compliance programs.
United States
30 Jun 2014
8
2012 Offshore Voluntary Disclosure Program FAQs And Compliance Plan For U.S. Citizens Residing Overseas
On June 26, 2012, the Internal Revenue Service (IRS) announced that its 2009 and 2011 offshore voluntary disclosure programs have generated more than $5 billion in revenue for the U.S. Treasury and released new FAQs with details regarding a new 2012 offshore voluntary disclosure program (OVDP) announced in January 2012, including tightening the eligibility requirements.
United States
16 Jul 2012
9
New 2012 Offshore Voluntary Disclosure Program; Taxpayer Advocate Criticizes IRS "Bait & Switch"; Current Offshore Enforcement Initiatives
On January 9, 2012, the Internal Revenue Service (IRS) announced that it had reopened the Offshore Voluntary Disclosure Program (OVDP) following the closure of the 2011 and 2009 programs and the collection of more than $4.4 billion USD from those programs.
United States
30 Jan 2012
10
HSBC India Accounts Sought By IRS: Time Running Out For IRS Voluntary Disclosure By HSBC India Customers
On April 7, 2011, the U.S. District Court for the Northern District of California issued an order authorizing the Internal Revenue Service ("IRS") to serve a "John Doe" summons requesting information from one of the world's largest banks, HSBC, regarding U.S. residents who may be using accounts at HSBC in India to evade federal income taxes.
United States
18 Apr 2011
11
IRS Voluntary Disclosure "Penalty Framework" for Offshore Accounts
On March 1, 2011, the U.S. Internal Revenue Service (IRS) announced a "penalty framework" to be applied to voluntary disclosure requests containing "offshore issues." This "penalty framework" applies to all participants in the 2011 Offshore Voluntary Disclosure Initiative (2011 OVDI).
United States
5 Apr 2011
12
U.S. Indicts Four Credit Suisse Bankers in Increasing Crackdown on Offshore Accounts: Time for Voluntary Disclosure Running Out
On February 23, 2011, the U.S. Department of Justice announced the indictment of four Swiss bankers charged with helping U.S. taxpayers use secret accounts at a Swiss bank to evade U.S. taxes.
United States
9 Mar 2011
13
Final Rules to Amend the Bank Secrecy Act Regulations Regarding Reports of Foreign Financial Accounts (FBARs)
The Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury Department, on February 24, 2011, issued its final rules to amend the Bank Secrecy Act regulations regarding the Report of Foreign Bank and Financial Accounts (FBAR) of the U.S. Internal Revenue Service (IRS).
United States
9 Mar 2011
14
IRS Announces New Voluntary Disclosure Program
On February 8, 2011, the U.S. Internal Revenue Service (IRS) announced a special voluntary disclosure initiative designed to bring offshore funds back into the United States tax system.
United States
18 Feb 2011
15
IRS Voluntary Disclosure Practice Update
Events impacting U.S. persons with undisclosed foreign financial accounts continue unabated.
United States
15 Mar 2010
16
Criteria For Disclosure Of Swiss Accounts Announced: Now That The Offshore IRS Voluntary Disclosure Program Has Ended, What's A Taxpayer To Do?
The U.S. Department of Justice recently revealed the criteria for disclosure of account information made in the August 19, 2009, U.S.-Swiss Treaty Request, under the U.S.-Swiss tax treaty.
United States
25 Nov 2009
17
IRS Voluntary Disclosure Program Update
On August 19, 2009, the Internal Revenue Service (IRS) and the U.S. Department of Justice announced a settlement agreement with UBS regarding certain accounts held at the bank by U.S. persons.
United States
1 Sep 2009
18
IRS Announces Voluntary Disclosure Program Affecting U.S. Persons With Offshore Financial Accounts
On March 26, 2009, the Internal Revenue Service ("IRS") made public a program allowing U.S. persons with foreign financial accounts to greatly reduce their exposure to significant civil penalties and, in many cases, to eliminate the prospects of criminal prosecution.
United States
31 Mar 2009
19
IRS Tax Shelter Settlement Initiative
On October 27, 2005, the Internal Revenue Service announced a broad-based, limited-in-time opportunity for taxpayers to come forward and settle an array of transactions the IRS considers abusive.
United States
 
30 Nov 2005
20
The Deferred Prosecution Agreement: Corporate America´s Get-Out-of-Jail Card, But At What Price?
On August 29, 2005, the Department of Justice announced that KPMG had admitted to criminal wrongdoing and agreed to pay $456 million in fines, restitution and penalties as part of an agreement to defer prosecution of the firm.
United States
6 Oct 2005
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