Month: May 2013

Tens of thousands of taxpayers and tax professionals decided to ignore warnings by the IRS and created a reporting scheme often called soft or quiet disclosure. This is done by amending past tax returns and filing delinquent tax FBARs without participating in the Offshore Voluntary Disclosure …

It’s a reasonable question. There are several reasons that someone might be wondering what the Offer in Compromise Acceptance Rate is. Maybe you submitted an OIC, it’s been a while since you’ve heard anything about it, and you’re wondering if you actually have a real shot at getting your offer …

Here is a letter regarding IRS policy shifts from Jackie Bugnion, director of American Citizens Abroad: To the Editor: In his article, “The IRS Is in Big Trouble,” Tax Notes (no link, paywall), May 20, 2013, p. 951 , Christopher Bergin stated that the scandal surrounding the treatment of …

Swiss Bank Account Secrecy Laws have protected clients’ names and accounts for years, in effect allowing such clients to squirrel their finances away to avoid their own country’s tax laws. In 2009 the UBS case shed light on how one of Switzerland’s premier banks would knowingly assist its …

 Bitcoin is under attack, but why? What’s in it for the government? Billions. It’s no secret that those of us over here @IRSMedic World HQ like to talk about things like bitcoin.  We’ve written about how users of the digital currency might be required to …

The IRS used the 2009 Offshore Voluntary Disclosure Program (OVDP) data to identify bank names and account locations to find additional noncompliance. The intent of the IRS was to gather information on…

The United States Government Accountability Office (GAO), an independent entity that exists to audit, evaluate, and investigate federal government activities to support Congress) has just released a report to Congress on offshore tax evasion and its findings regarding on OVDP accountability for …

What should you do if you are one of the 24,000 HSBC bank account holders who has not disclosed foreign accounts?
In unsettling news for US persons who have not disclosed the existence of foreign accounts to the IRS, Herve Falciani, an IT worker at HSBC’s Geneva branch, stole the names of 24,000 HSBC …