by Lynam Knott | May 12, 2014 | Department of Justice, Offshore Assets, Voluntary Disclosure Initiative, Whistleblower Awards
Kathryn Keneally, Assistant Attorney General, Tax Division of the Department of Justice, acknowledged that the Department of Justice had used information provided by whistleblowers in tracking down unreported offshore bank accounts held by United States citizens while...
by Lynam Knott | Jul 18, 2012 | Administration of Whistleblower Claims, Award Determinations, Criminal Fines, Guidance, Voluntary Disclosure Initiative, Whistleblower Awards
Tax Analysts recently released a Chief Counsel Memorandum dated April 23, 2012, stating that the IRS cannot pay a section 7623(b) award on recoveries from the failure to report a foreign bank account commonly referred to as “FBAR” penalties. While we...
by Lynam Knott | Feb 7, 2012 | Department of Justice, Offshore Assets, Voluntary Disclosure Initiative
The latest round of the U.S. crackdown of tax evasion through the utilization of undeclared offshore bank accounts has the US significantly upping the stakes of the game. The U.S. Department of Justice has indicted Wegelin & Co, founded in 1741 – which...
by Lynam Knott | Feb 21, 2011 | Offshore Assets, Voluntary Disclosure Initiative
The IRS has announced its second special voluntary disclosure initiative for U.S. taxpayers with unreported foreign bank accounts. The new program, called the 2011 Offshore Voluntary Disclosure Initiative (OVDI) is not to be confused with the first disclosure...
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