The United States entered into agreements earlier this year with certain federally recognized Indian tribes to settle long-running lawsuits in which the tribes accused the Interior Department and the Treasury Department of mismanaging the monetary assets and natural...
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IRS Uses Social Network Data Mining to Find U.S. Taxpayers with Foreign Accounts
Most people use social networks to stay connected to friends, family and colleagues, and now the Internal Revenue Service (IRS) has taken the social network concept and has begun using data mining technology to find U.S. taxpayers with foreign bank accounts. Bloomberg...
Good News for Taxpayers with Certain Foreign Retirement Plans, Including Canadian Registered Retirement Savings Plans
Beginning September 1st, the IRS will allow taxpayers relief who have unresolved issues related to certain retirement plans, such as a Canadian Registered Retirement Savings Plans.If the United States has a tax treaty with the foreign country holding the retirement...
Good News for Taxpayers Living Abroad with Unfiled Tax Returns or FBAR Reports
Beginning September 1st, some taxpayers living abroad who have not filed tax returns will get help from the IRS, if little or no back taxes are due. This is a great relief to taxpayers who have lived overseas and have failed to file timely tax returns or Reports of...
Court Orders Production of Foreign Bank Account Records Despite Claim for Fifth Amendment Privilege
On August 27th the Seventh Circuit decided In Re: Special February 2011-1 Grand Jury Subpoena Dated September 12, 2011. The Court held that the required records doctrine requires a taxpayer asserting a Fifth Amendment privilege to produce the documents required to be...
83 Year Old Pleads Guilty to FBAR Violation – Faces 3 Years in Prison
83 year old, Jacques Wajsfelner, who held Swiss bank accounts at Credit Suisse Group AG (Credit Suisse) and Wegelin & Co. pleaded guilty to hiding approximately $5.7 million from Internal Revenue Service (IRS).Mr. Wajsfelner admitted in a New York federal court...
Increase in IRS Summons Enforcement
The IRS has more than tripled its use of administrative summons since 2005 to obtain financial documents when taxpayers refuse to cooperate. In fact, this was the most litigated issue by the IRS last year initiated by the more wealthy individuals and businesses who...
How Safe is your Safe Deposit Box?
The government may seize not only the account funds of a tax debtor held by a financial institution, but also the contents of a safe deposit box maintained at the bank. In a recent case, the state taxing agency seized the contents of a box which contained numerous...
IRS gets audited by Treasury Department
When it comes to audits, the American taxpayer is not the only one that can face challenges. According to recent news reports, the IRS itself has been audited by the Treasury Department and the results indicate problems. The audit conducted was for the 2011 tax year...
FATCA Update – IRS Releases Draft Form W-8IMY, Certificate of Foreign Intermediary
On August 14, 2012, the IRS released its draft form W-8IMY Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. Branches for United States Tax Withholding.Institutions that are organized outside the United States, and classified for U.S....
