Foreign Banks Blacklisted by the IRS

As part of the IRS' billion dollar effort to combat the war on offshore tax evasion the IRS has blacklisted certain Foreign Financial Institutions or Facilitators.   Thus, anyone who has assets at these foreign banks and who fails to properly report and account for these assets will pay 50% of the offshore penalty within the IRS Offshore Voluntary Disclosure Program and have a higher chance of criminal prosecution if they do not participate in the Offshore Voluntary Disclosure Program.

Click here to view the list of bad boy foreign banks

If you want to speak to a Tax Attorney who knows the offshore and foreign asset reporting rules and ways to minimize the exposure related to these offshore activities, feel free to contact the Wilson Tax Law Group at 714-463-4430.

Foreign Banks Blacklisted by the IRS

As part of the IRS' billion dollar effort to combat the war on offshore tax evasion the IRS has blacklisted certain Foreign Financial Institutions or Facilitators.   Thus, anyone who has assets at these foreign banks and who fails to properly report and account for these assets will pay 50% of the offshore penalty within the IRS Offshore Voluntary Disclosure Program and have a higher chance of criminal prosecution if they do not participate in the Offshore Voluntary Disclosure Program.

Click here to view the list of bad boy foreign banks

If you want to speak to a Tax Attorney who knows the offshore and foreign asset reporting rules and ways to minimize the exposure related to these offshore activities, feel free to contact the Wilson Tax Law Group at 714-463-4430.

DOJ Allows Israeli Bank to Pay its Way Out of Jail After Stealing Billions from USA

Bank Leumi, an Israeli bank, has entered into a deferred prosecution agreement with the Justice Department after disclosing that it had aided and assisted U.S. taxpayers to prepare and present false tax returns to the IRS by hiding income and assets in offshore bank accounts in Israel and elsewhere around the world. The agreement between the Bank Leumi Group and the Department of Justice marked the first time that an Israeli bank admitted to such criminal conduct which spanned over a 10-year period and included services and products designed to keep U.S. taxpayer accounts concealed at Bank Leumi locations all over the world.

 

The Bank Leumi Group has agreed to pay the United States a total of $270 million, of which $157 million represents the penalty for taxpayer accounts held at the Leumi Private Bank in Switzerland. The penalty permits certain Swiss banks to avoid prosecution by making a full and complete disclosure of their U.S. taxpayer-held accounts and paying substantial penalties. The agreement further provided that Bank Leumi Luxembourg and Leumi Private Bank will cease to provide banking and investment services for all accounts held or beneficially owned by U.S. taxpayers.

IRS Commissioner John Koskinen commented that the agreement against Leumi Bank was another historical event in the international tax area. He added that the IRS would not tolerate the use of offshore accounts to escape taxation, and that it would continue to focus on this priority area.

 

If you need assistance concerning the tax treatment of foreign assets, do not hesitate to contact a tax lawyer in Orange County.   Not even the foreign banks are immune to the efforts being taken by the US government.  The Orange County Tax Attorneys at Wilson Tax Law Group have experience in federal tax prosecutions and IRS matters concerning foreign assets. You can reach the Wilson Tax Law Group at 714-463-4430.

 

DOJ Allows Israeli Bank to Pay its Way Out of Jail After Stealing Billions from USA

Bank Leumi, an Israeli bank, has entered into a deferred prosecution agreement with the Justice Department after disclosing that it had aided and assisted U.S. taxpayers to prepare and present false tax returns to the IRS by hiding income and assets in offshore bank accounts in Israel and elsewhere around the world. The agreement between the Bank Leumi Group and the Department of Justice marked the first time that an Israeli bank admitted to such criminal conduct which spanned over a 10-year period and included services and products designed to keep U.S. taxpayer accounts concealed at Bank Leumi locations all over the world.

 

The Bank Leumi Group has agreed to pay the United States a total of $270 million, of which $157 million represents the penalty for taxpayer accounts held at the Leumi Private Bank in Switzerland. The penalty permits certain Swiss banks to avoid prosecution by making a full and complete disclosure of their U.S. taxpayer-held accounts and paying substantial penalties. The agreement further provided that Bank Leumi Luxembourg and Leumi Private Bank will cease to provide banking and investment services for all accounts held or beneficially owned by U.S. taxpayers.

IRS Commissioner John Koskinen commented that the agreement against Leumi Bank was another historical event in the international tax area. He added that the IRS would not tolerate the use of offshore accounts to escape taxation, and that it would continue to focus on this priority area.

 

If you need assistance concerning the tax treatment of foreign assets, do not hesitate to contact a tax lawyer in Orange County.   Not even the foreign banks are immune to the efforts being taken by the US government.  The Orange County Tax Attorneys at Wilson Tax Law Group have experience in federal tax prosecutions and IRS matters concerning foreign assets. You can reach the Wilson Tax Law Group at 714-463-4430.

 

Curious What Countries Are Sharing Banking Information with the USA?

The IRS has just issued a list of the countries with which the United States has in effect an income tax or other convention or bilateral agreement relating to the exchange of information.   The United States agrees to provide, as well as receive, information and under which the competent authority is the Secretary of the Treasury or his delegate.  The exchange of information includes the reporting of certain deposit interest paid to nonresident alien individuals on or after January 1, 2013.

To see the list of countries click here:  LIST OF COUNTRIES.

Contact Joseph P. Wilson of the Wilson Tax Law Group at 714-463-4430 if you should have any questions.

Curious What Countries Are Sharing Banking Information with the USA?

The IRS has just issued a list of the countries with which the United States has in effect an income tax or other convention or bilateral agreement relating to the exchange of information.   The United States agrees to provide, as well as receive, information and under which the competent authority is the Secretary of the Treasury or his delegate.  The exchange of information includes the reporting of certain deposit interest paid to nonresident alien individuals on or after January 1, 2013.

To see the list of countries click here:  LIST OF COUNTRIES.

Contact Joseph P. Wilson of the Wilson Tax Law Group at 714-463-4430 if you should have any questions.

Cannot Afford Your Property Taxes? New State Program Pays them for You

The California State Board of Equalization (BOE) has issued a letter concerning the law that reinstated the State Controller’s Property Tax Postponement Program, under which the Controller can pay property taxes to county tax collectors on behalf of qualifying individuals who are over the age of 62 or disabled.  Under the program, a claimant must have an annual income of $35,500 or less and at least 40% equity in his or her home. The BOE generally discusses:

• requirements for county assessors who receive from the Controller a notice of lien for postponed property taxes;
• assessors’ notice requirement to the Controller when property with a postponement lien changes ownership or a claimant transfers ownership, changes his or her mailing address, or dies; and
• the Controller’s duty to record a release of the lien when the amount of the obligation secured by that lien is paid in full or otherwise discharged.

Applications may be filed with the Controller beginning September 1, 2016.  If you or your client want more information about this exciting new program, contact a property tax attorney who can assist you.  The  Wilson Tax Law Group specializes in property tax and income tax matters.  Joseph P. Wilson of the Wilson Tax Law Group can be reached at 714-463-4430 if you have any questions.