by bettywilliams | Jul 14, 2020 | International Tax Law, OVDP, Tax Crimes
It has been two years since international tax leaders from Australia, Canada, the Netherlands, the United Kingdom, and the United States joined forces in the “J5” to combine resources to target enablers of tax crime, particularly related to virtual currency. Since its...
On behalf of Law Office of Williams & Associates, P.C. | Aug 7, 2018 | OVDP
The Department of Justice recently imposed another $5.3 million penalty on Bank Lombard Odier & Co., Ltd., a Swiss bank that has already paid over $99 million for offering offshore banking services to U.S. taxpayers without disclosing their transactions. Since...
On behalf of Law Office of Williams & Associates, P.C. | Nov 6, 2017 | OVDP
The IRS Large Business and International division (LB&I) is rolling out a series of campaigns focused on specific compliance issues. The division analyzed extensive data as well as suggestions from IRS compliance employees and the tax community to improve large...
On behalf of Law Office of Williams & Associates, P.C. | Jul 18, 2017 | OVDP
On June 1, 2017, U.S. Ambassador Margaret Ann Uyehara and Montenegrin Finance Minister Darko Radunovic signed an Intergovernmental Agreement (IGA) to combat offshore tax evasion by implementing the provisions of the Foreign Account Tax Compliance Act (FATCA). Banks...
On behalf of Law Office of Williams & Associates, P.C. | Aug 8, 2016 | OVDP
The Internal Revenue Service (IRS) may begin ramping up its investigation of offshore account compliance soon, based on recommendations from the Treasury Inspector General for Tax Administration (TIGTA). TIGTA recently released its final report on the IRS’...
On behalf of Law Office of Williams & Associates, P.C. | May 5, 2016 | OVDP
If you have offshore assets that are not yet properly disclosed, you should consider contacting an attorney immediately for assistance, before a civil or criminal investigation begins. On April 3, 2016, the International Consortium of Investigative Journalists (ICIJ),...
On behalf of Law Office of Williams & Associates, P.C. | Nov 23, 2015 | OVDP
Individuals and businesses often take advantage of the benefits offshore banking provides. You may have opened an account to ensure that you get to keep more of your hard-earned money with a favorable tax rate. You may have used a trust or foundation to protect your...
On behalf of Law Office of Williams & Associates, P.C. | Nov 15, 2013 | International Tax Law, IRS, OVDP
The U.S. Department of the Treasury has announced that the United States has signed an intergovernmental agreement (IGA) with France to implement the Foreign Account Tax Compliance Act (FATCA). Enacted in 2010, FATCA aims to curtail offshore tax evasion by...
On behalf of Law Office of Williams & Associates, P.C. | Sep 19, 2013 | International Tax Law, IRS, OVDP
Although the IRS won’t comment on the reason Bank Leumi customers were kicked out of the IRS’ Offshore Voluntary Disclosure Program (OVDP) after not only being accepted into the program, but after some had already received a final clearance and paid...
