Not everyone is intentionally doing something wrong when it comes to filing taxes. In some cases, it is simply a lack of understanding of U.S. rules and regulations. If an immigrant has been in the U.S. for 180 days, they…
Taxpayers with offshore bank accounts might be in trouble. The Foreign Account Tax Compliance Act (FATCA) went into effect on July 1 requires that foreign banks report to the IRS about the accounts of U.S. taxpayers. As a result, more…
The IRS is encouraging U.S. taxpayers to come into compliance with their reporting and filing requirements with regards offshore bank accounts and foreign assets. New Streamlined Filing Compliance Procedures have been announced with that goal in mind. The streamlined procedures…
The IRS is cracking down on money hidden in foreign offshore banks accounts. The Associated Press is reporting that more than 77,000 foreign banks have agreed to share information about U.S. account holders. "The list includes 515 Russian financial institutions. Russian…
Chicago tax lawyer Robert E. McKenzie worries those with still secret offshore accounts may be less likely to disclose because they figure that if they’re found out and prosecuted, they’ll avoid jail as Warner has. But McKenzie tells prospective clients the same thing he wrote recently on Forbes: “Many other less lucky offshore depositors have been sentenced to prison by other judges. One distinguishing factor for Warner was he was a billionaire whereas those sent to prison were merely millionaires.”
106 Swiss banks have signed agreements to provide information about U.S. account holders. "The current Offshore Shore Disclosure Program (OVDP) began in January 2012 continues until it is terminated by the Service. Taxpayers whose names have yet to be disclosed…
Tax attorney Robert E. McKenzie discuss IRS voluntary disclosure practice.
9-19-13 Robert E. McKenzie Quoted in Forbes on Secret Israeli Bank Accounts
2-3-12 Robert E. McKenzie USA Today Quote on Wegelin Bank Indictment for Helping Americans Hide Money Offshore
