IRS Criminal Investigation « Robert E. McKenzie

2-3-12 Robert E. McKenzie USA Today Quote on Wegelin Bank Indictment for Helping Americans Hide Money Offshore

2-3-12 Robert E. McKenzie USA Today Quote on Wegelin Bank Indictment for Helping Americans Hide Money [...]

2012 IRS Offshore Voluntary Disclosure Initiative

On January 9, 2012 the Internal Revenue Service reopened the offshore voluntary disclosure program to help people hiding offshore accounts get current with their taxes and announced the collection of more than $4.4 billion so far from the two previous international [...]

Foreign Account Tax Compliance Act (FATCA)

Explanation of Section 6038D Temporary and Proposed Regulations

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The Foreign Account Tax Compliance Act, enacted in 2010, created new IRC Section 6038D and requires individuals to file a statement with their [...]

Money Laundering and Foreign Bank Accounts

Under the Bank Secrecy Act, U.S. residents or a person in and doing business in the United States must file a report with the U.S. Treasury if he or she has a financial account in a foreign country with a value exceeding $10,000 at any time during the calendar year. Taxpayers comply with this law by noting the account on their tax return and by filing Form 90-22.1, the Foreign Bank and Financial Account Report (FBAR). Willfully failing to file an FBAR report can be punished under both civil and criminal [...]

IRS Criminal Investigation

IRS Criminal Investigation (CI) is comprised of approximately 4,400 employees worldwide, approximately 2,600 of which are special agents whose investigative jurisdiction includes tax, money laundering and Bank Secrecy Act laws. While other federal agencies also have investigative jurisdiction for money laundering and some bank secrecy act violations, IRS is the only federal agency that can investigate potential criminal violations of the Internal Revenue [...]

Robert E. McKenzie discusses IRS probe of offshore accounts on First Business News

Arnstein & Lehr Chicago Partner Robert E. McKenzie was interviewed by First Business News for its April 11 broadcast. During the interview Mr. McKenzie discussed the IRS tax probe of HSBC Bank off-shore accounts in India. According to Mr. McKenzie, the IRS is investigating some offshore account holders for tax evasion.
First Business News airs online [...]

IRS and Offshore Accounts

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Arnstein & Lehr Chicago Partner Robert E. McKenzie recently authored a piece titled, “IRS and Offshore Accounts.” It discusses the IRS’ new 2011 Voluntary Disclosure Initiative (OVDI) for taxpayers to disclose their unreported offshore accounts.

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