Maryland’s Newest Tax Amnesty Program
With the new governor comes a new tax amnesty program. Maryland’s newest Tax Amnesty Program, recently signed into law by Governor Hogan, aims to reduce penalties and interest on unpaid tax obligations for certain taxpayers and under certain circumstances. They word “certain” is a critical part to the Amnesty Program. As the bill states, the […]
Major Changes to the Offshore Voluntary Disclosure Program
Important news for U.S. taxpayers with foreign accounts and assets: The IRS has modified its current Offshore Voluntary Disclosure Program (OVDP) to enable more taxpayers to participate in the streamlined procedures, but has increased the penalties and requirements associated with the OVDP itself. The OVDP has seen great success in eliciting voluntary disclosures from U.S. […]
Swiss Banks Participating in DOJ Program Given One Month Extension
The recent guilty plea by Credit Suisse was the result of a government crackdown on overseas tax evasion, particularly in Switzerland. Credit Suisse was a Category 1 bank, meaning it was currently under criminal investigation. Category 2 banks, those that have reason to believe they may have committed criminal tax offenses, were invited to participate […]
Credit Suisse Pleads Guilty to United States Criminal Charge
On May 19, 2014, Credit Suisse, the second-largest bank in Switzerland, pleaded guilty to the criminal charge of conspiracy to aid and assist United States taxpayers in filing false income tax returns. Credit Suisse admits to facilitating tax evasion by wealthy U.S. taxpayers for decades leading up to the 2009 criminal investigation. The bank even […]
Swiss Banks Encourage U.S. Account Holders to Come Clean to Beat Deadline
A very interesting article in Politico re: Swiss banks encouraging clients to come in to the Offshore Voluntary Disclosure Program for FBAR violations. These banks are afforded lower penalties if they can convince their clients to take part in the program. See the article below: Swiss banks are quietly warning wealthy U.S. clients […]
IRS Shutdown & Your Taxes
While only 9% of Internal Revenue Service employees — roughly 8,750 out of nearly 95,000 workers — are currently working, the underlying tax law remains in effect. That means “all taxpayers should continue to meet their tax obligations,” according to the IRS’s website. Need an IRS employee to answer a question, though? “That’s where there […]