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IRS “Dirty Dozen” Tax Scams for 2015

February 11, 2016

The Internal Revenue Service wrapped up the 2015 "Dirty Dozen" list of tax scams today with a warning to taxpayers about aggressive telephone scams continuing coast-to-coast during the early weeks of this year's filing season.

The aggressive, threatening phone calls from scam artists continue to be seen on a daily basis in states across the nation. The IRS urged taxpayers not give out money or personal financial information as a result of these phone calls or from emails claiming to be from the IRS.

Phone scams and email phishing schemes are among the "Dirty Dozen" tax scams the IRS highlighted, for the first time, on 12 straight business days from Jan. 22 to Feb. 6. The IRS has also set up a special section on IRS.gov highlighting these 12 schemes for taxpayers.

"We are doing everything we can to help taxpayers avoid scams as the tax season continues," said IRS Commissioner John Koskinen. "Whether it's a phone scam or scheme to steal a taxpayer's identity, there are simple steps to take to help stop these con artists. We urge taxpayers to visit IRS.gov for more information and to be wary of these dozen tax scams."

Illegal scams can lead to significant penalties and interest for taxpayers, as well as possible criminal prosecution. IRS Criminal Investigation works closely with the Department of Justice (DOJ) to shutdown scams and prosecute the criminals behind them. Taxpayers should remember that they are legally responsible for what is on their tax returns even if it is prepared by someone else. Make sure the preparer you hire is up to the task. For more see the Choosing a Tax Professional page.

For the first time, here is a recap of this year's "Dirty Dozen" scams:

  1. Phone Scams: Aggressive and threatening phone calls by criminals impersonating IRS agents remains an ongoing threat to taxpayers. The IRS has seen a surge of these phone scams in recent months as scam artists threaten police arrest, deportation, license revocation and other things. The IRS reminds taxpayers to guard against all sorts of con games that arise during any filing season.
    (IR-2015-5) 
     
  2. Phishing: Taxpayers need to be on guard against fake emails or websites looking to steal personal information. The IRS will not send you an email about a bill or refund out of the blue. Don’t click on one claiming to be from the IRS that takes you by surprise. Taxpayers should be wary of clicking on strange emails and websites. They may be scams to steal your personal information. (IR-2015-6)
     

     
  3. Identity Theft: Taxpayers need to watch out for identity theft especially around tax time. The IRS continues to aggressively pursue the criminals that file fraudulent returns using someone else’s Social Security number. The IRS is making progress on this front but taxpayers still need to be extremely careful and do everything they can to avoid becoming a victim. (IR-2015-7)
     

     
  4. Return Preparer Fraud: Taxpayers need to be on the lookout for unscrupulous return preparers. The vast majority of tax professionals provide honest high-quality service. But there are some dishonest preparers who set up shop each filing season to perpetrate refund fraud, identity theft and other scams that hurt taxpayers. Return preparers are a vital part of the U.S. tax system. About 60 percent of taxpayers use tax professionals to prepare their returns. (IR-2015-8)
     

     
  5. Offshore Tax Avoidance: The recent string of successful enforcement actions against offshore tax cheats and the financial organizations that help them shows that it’s a bad bet to hide money and income offshore. Taxpayers are best served by coming in voluntarily and getting their taxes and filing requirements in order. The IRS offers the Offshore Voluntary Disclosure Program (OVDP) to help people get their taxes in order. (IR-2015-09)
     
  6. Inflated Refund Claims: Taxpayers need to be on the lookout for anyone promising inflated refunds. Taxpayers should be wary of anyone who asks them to sign a blank return, promise a big refund before looking at their records, or charge fees based on a percentage of the refund. Scam artists use flyers, advertisements, phony store fronts and word of mouth via community groups and churches in seeking victims. (IR-2015-12)
     
     
  7. Fake Charities: Taxpayers should be on guard against groups masquerading as charitable organizations to attract donations from unsuspecting contributors. Contributors should take a few extra minutes to ensure their hard-earned money goes to legitimate and currently eligible charities. IRS.gov has the tools taxpayers need to check out the status of charitable organizations. Be wary of charities with names that are similar to familiar or nationally known organizations. (IR-2015-16)
     
     
  8. Hiding Income with Fake Documents: Hiding taxable income by filing false Form 1099s or other fake documents is a scam that taxpayers should always avoid and guard against. The mere suggestion of falsifying documents to reduce tax bills or inflate tax refunds is a huge red flag when using a paid tax return preparer. Taxpayers are legally responsible for what is on their returns regardless of who prepares the returns. (IR-2015-18)
     
     
  9. Abusive Tax Shelters: Taxpayers should avoid using abusive tax structures to avoid paying taxes. The IRS is committed to stopping complex tax avoidance schemes and the people who create and sell them. The vast majority of taxpayers pay their fair share, and everyone should be on the lookout for people peddling tax shelters that sound too good to be true. When in doubt, taxpayers should seek an independent opinion regarding complex products they are offered. (IR-2015-19)
     
     
  10. Falsifying Income to Claim Credits: Taxpayers should avoid inventing income to erroneously claim tax credits. Taxpayers are sometimes talked into doing this by scam artists. Taxpayers are best served by filing the most-accurate return possible because they are legally responsible for what is on their return. (IR-2015-20)
  11. Excessive Claims for Fuel Tax Credits: Taxpayers need to avoid improper claims for fuel tax credits. The fuel tax credit is generally limited to off-highway business use, including use in farming. Consequently, the credit is not available to most taxpayers. But yet, the IRS routinely finds unscrupulous preparers who have enticed sizable groups of taxpayers to erroneously claim the credit to inflate their refunds. (IR-2015-21)
      
  12. Frivolous Tax Arguments: Taxpayers should avoid using frivolous tax arguments to avoid paying their taxes. Promoters of frivolous schemes encourage taxpayers to make unreasonable and outlandish claims to avoid paying the taxes they owe. These arguments are wrong and have been thrown out of court. While taxpayers have the right to contest their tax liabilities in court, no one has the right to disobey the law or disregard their responsibility to pay taxes. The penalty for filing a frivolous tax return is $5,000. (IR-2015-23)
 
Have a Tax Problem?
 


Contact the Tax Lawyers at
Marini & Associates, P.A.


 
 for a FREE Tax Consultation Contact US at 
www.TaxAid.us or www.TaxLaw.ms

or Toll Free at 888-8TaxAid (888 882-9243).

 

    Read more at: Tax Times blog

    Criminal Charges Filed Against Bank Julius Baer Settle With a Deferred Prosecution Agreement, Fine $547 Million &Guilty Pleas From 2 Julius Baer Bankers!

    February 8, 2016

    On Thursday, February 4, 2016 DoJ  announced the filing of criminal charges against Bank Julius Baer & Co. Ltd. (Julius Baer or the company), a financial institution headquartered in Zurich, Switzerland.   Julius Baer is charged with conspiring with many of its U.S. taxpayer-clients and others to help U.S. taxpayers hide billions of dollars in offshore accounts from the IRS and to evade U.S. taxes on the income earned in those accounts. 
     
    Acting Assistant Attorney General Ciraolo and U.S. Attorney Bharara also announced a deferred prosecution agreement with Julius Baer (the agreement) under which the company admits that it knowingly assisted many of its U.S. taxpayer-clients in evading their tax obligations under U.S. law.  The admissions are contained in a detailed Statement of Facts attached to the agreement.  The agreement requires Julius Baer to pay a total of $547 million by no later than Feb. 9, 2016, including through a parallel civil forfeiture action also filed on February 4, 2016 in the Southern District of New York.            

    The criminal charge is contained in an Information (the information) alleging one count of conspiracy to (1) defraud the IRS, (2) to file false federal income tax returns and (3) to evade federal income taxes.  If Julius Baer abides by all of the terms of the agreement, the government will defer prosecution on the Information for three years and then seek to dismiss the charges.

    In addition, two Julius Baer client advisers, Daniela Casadei and Fabio Frazzetto, pleaded guilty in Manhattan federal court today February 4, 2016 .   Casadei and Frazzetto were originally charged in 2011 and remained at large until Feb. 1, when they each made initial appearances before the Honorable Gabriel W. Gorenstein, U.S. Magistrate Judge for the Southern District of New York.

    Casadei and Frazzetto each pleaded guilty to an Information (collectively, with the Julius Baer information, the informations) before U.S. District Judge Laura Taylor Swain charging them with conspiring with U.S. taxpayer-clients and others to help U.S. taxpayers hide their assets in offshore accounts and to evade U.S. taxes on the income earned in those accounts.

    “Today’s resolution with Bank Julius Baer and
    the guilty pleas entered by Two Bank Employees reflect the department’s continued commitment to Hold Accountable those Financial Institutions who Conspired with U.S. taxpayers to Conceal Assets Abroad and Evade U.S. Tax Obligations,
    as well as those individuals responsible
    for such crimes,”
    said Acting Assistant Attorney General Caroline D. Ciraolo of the Justice Department’s Tax Division. “

    The Offense Conduct
    From at least the 1990s through 2009, Julius Baer helped many of its U.S. taxpayer-clients evade their U.S. tax obligations, file false federal tax returns with the IRS and otherwise hide accounts held at Julius Baer from the IRS (hereinafter, undeclared accounts).  Julius Baer did so by opening and maintaining undeclared accounts for U.S. taxpayers and by allowing third-party asset managers to open undeclared accounts for U.S. taxpayers at Julius Baer.  Casadei and Frazzetto, bankers who worked as client advisers at Julius Baer, directly assisted various U.S. taxpayer-clients in maintaining undeclared accounts at Julius Baer in order to evade their obligations under U.S.  law.  At various times, Casadei, Frazzetto and others advised those U.S. taxpayer-clients that their accounts at Julius Baer would not be disclosed to the IRS because Julius Baer had a long tradition of bank secrecy and no longer had offices in the United States, making Julius Baer less vulnerable to pressure from U.S. law enforcement authorities than other Swiss banks with a presence in the United States. 
    In furtherance of the scheme to help U.S. taxpayers hide assets from the IRS and evade taxes, Julius Baer undertook, among other actions, the following:

    • Entering into “code word agreements” with U.S. taxpayer-clients under which Julius Baer agreed not to identify the U.S. taxpayers by name within the bank or on bank documents, but rather to identify the U.S. taxpayers by code name or number, in order to reduce the risk that U.S. tax authorities would learn the identities of the U.S. taxpayers.
    • Opening and maintaining accounts for many U.S. taxpayer-clients held in the name of non-U.S. corporations, foundations, trusts, or other legal entities (collectively, structures) or non-U.S. relatives, thereby helping such U.S. taxpayers conceal their beneficial ownership of the accounts.

    Julius Baer was aware that many U.S. taxpayer-clients were maintaining undeclared accounts at Julius Baer in order to evade their U.S. tax obligations, in violation of U.S. law.  In internal Julius Baer correspondence, undeclared accounts held by U.S. taxpayers were at times referred to as “black money,” “non W-9,” “tax neutral,” “unofficial,” or “sensitive” accounts.
    Julius Baer also advised its bankers to take certain steps to avoid scrutiny from U.S. authorities when travelling to the United States, as well as steps to avoid U.S. law enforcement identifying Julius Baer clients.  In a memo entitled “U.S. Clients Do’s & Don’ts,” circulated internally in 2006, a Julius Baer employee provided client advisers with advice regarding travel to the United States, including:

    • “At Immigration . . . When asked by Officer what will you do while in the USA, say Business and of course some leisure, trying to take some time to enjoy your beautiful country. Proud government employees usually love this type of statement.One can throw in skydiving or another fun sport/activity.This tends to shift the questioning away from the business purpose to the ‘fun time’ part of the trip (carrying a tennis racket also puts the emphasis on “fun and games,” and not on business).”
    • In regard to communicating while in the U.S.:“Only use mobile phone[s] registered in and operating from Switzerland.Avoid phone calls from hotel to clients.It is recommended to purchase a telephone calling card from the post office, grocery stores, or electronic shops.This allows you to use practically any phone with no specific link left behind.The best is to pay for the calling card in cash.For ex: a 400 minutes local calling card costs less than $50, but the rates can vary.Most cards can also be used to call anywhere abroad.”

    At its high-water mark in 2007, Julius Baer had approximately $4.7 billion in assets under management relating to approximately 2,589 undeclared accounts held by U.S. taxpayer-clients.  From 2001 through 2011, Julius Baer earned approximately $87 million in profit on approximately $219 million gross revenues from its undeclared U.S. taxpayer accounts, including accounts held through structures.

    Casadei, 52, a Swiss citizen, and Frazzetto, 42, an Italian and Swiss citizen, each pleaded guilty to one count of conspiracy to defraud the IRS, to evade federal income taxes and to file false federal income tax returns.  Casadei and Frazzetto each face a statutory maximum sentence of five years in prison.  The statutory maximum sentence is prescribed by Congress and is provided here for informational purposes only, as any sentences imposed on the defendants will be determined by the judge.

    Casadei and Frazzetto are each scheduled to be sentenced before Judge Swain on August 12, 2016.

     Do You Have Undeclared Income from
     a Swiss Bank?
     
     
    Is Your Name Being Handed Over to the IRS?
     
     Want to Know if the OVDP Program is Right for You?
    Contact the Tax Lawyers at 
    Marini& Associates, P.A.  
     
    for a FREE Tax Consultation
    at: www.TaxAid.us or www.TaxLaw.ms or
    Toll Free at 888-8TaxAid (888) 882-9243

    Read more at: Tax Times blog

    Swiss Bank's Leavers List Results in Former US Citizen Pleading Guilty to Tax Fraud

    February 4, 2016

    We previously posted DOJ Swiss Bank Program is Over After Netting $1.36 Billion! where we discussed that thee Department of Justice
    announced on January 27, 2016 that it reached its final non-prosecution agreement under Category 2 of the Swiss Bank Program, with HSZH Verwaltungs AG (HSZH). The department has executed agreements with 94 banks. Under the program, the swiss banks are required to:

    • Make a complete disclosure of their cross-border activities;
    • Provide detailed information on an account-by-account basis for accounts in which U.S. taxpayers have a direct or indirect interest;
    • Cooperate in treaty requests for account information;
    • Provide detailed information as to other banks that transferred funds into secret accounts (Leaver List) or that accepted funds when secret accounts were closed;
    • Agree to close accounts of account holders who fail to come into compliance with U.S. reporting obligations; and
    • Pay appropriate penalties. 

    This Leavers List caused Albert Cambata, a former U.S. citizen residing in Switzerland , to pleaded guilty today February 3, 2016 to one count of Filing a False Income Tax Return, according to the DoJ. 

     

    “U.S. taxpayers have been given ample opportunity to come forward, disclose their secret foreign accounts, and come into compliance,” said Acting Assistant Attorney General Ciraolo. 
     
    “Those individuals and entities who rolled the dice in the hope of remaining anonymous are facing the consequences ... and as today’s guilty plea indicates, clearly the department’s reach
    is well beyond Switzerland.” 

    According to court documents, in 2006, Albert Cambata, 61, established Dragonflyer Ltd., a Hong Kong corporate entity, with the assistance of a Swiss banker and a Swiss attorney.  Days later, he opened a financial account at Swiss Bank 1 in the name of Dragonflyer.  Although he was not listed on the opening documents as a director or an authorized signatory, Cambata was identified on another bank document as the beneficial owner of the Dragonflyer account.  That same year, Cambata received $12 million from Hummingbird Holdings Ltd., a Belizean company.  The $12 million originated from a Panamanian aviation management company called Cambata Aviation S.A. and was deposited to the Dragonflyer bank account at Swiss Bank 1 in November 2006.

    • On his 2007 and 2008 federal income tax returns, Cambata failed to report interest income earned on his Swiss financial account in the amounts of $77,298 and $206,408, respectively.  
    • In April 2008, Cambata caused the Swiss attorney to request that Swiss Bank 1 send five million Euros from the Swiss financial account to an account Cambata controlled at the Monaco branch of Swiss Bank 3.  
    • In June 2008, Cambata closed his financial account with Swiss Bank 1 in the name of Dragonflyer and moved the funds to an account he controlled at the Singapore branch of Swiss Bank 2. (Now on Swiss Leaver List which certain Swiss Banks are obligated to turn over to the IRS)
    • In 2012, Cambata, who has lived in Switzerland since 2007, went to the U.S. Embassy in Bratislava, Slovakia, to renounce his U.S. citizenship and informed the U.S. Department of State that he had acquired the nationality of St. Kitts and Nevis by virtue of naturalization.

    “IRS Criminal Investigation will continue to pursue those who do not pay the taxes they owe to the United States,”

    “Today’s plea is a reminder that we are committed to following the money trail across the globe and will not be deterred by the use of sophisticated international financial transactions that hide the real ownership of income taxable by the United States,” said Special Agent Thomas Jankowski of the IRS-Criminal Investigation, Washington, D.C. Field Office. 

     U.S. District Judge Claude Hilton of the Eastern District of Virginia set sentencing for April 15.  Cambata faces a statutory maximum sentence of 3 years in prison and a fine of up to $250,000.  As part of his plea agreement, Cambata agreed to pay $84,849 in restitution to the Internal Revenue Service (IRS).

    Do You Have Undeclared Income from a
     Swiss Bank?

     
     
    Is Your Name Being Handed Over to the IRS?
     
     Want to Know if the OVDP Program is Right for You?
    Contact the Tax Lawyers at 
    Marini& Associates, P.A.  
     
    for a FREE Tax Consultation
    at: www.TaxAid.us or www.TaxLaw.ms or
    Toll Free at 888-8TaxAid (888) 882-9243

     

    Read more at: Tax Times blog

    DOJ Swiss Bank Program is Over After Netting $1.36 Billion!

    January 28, 2016

    The Department of Justice announcedtoday January 27, 2016 that it reached its final non-prosecution agreement under Category 2 of the Swiss Bank Program, with HSZH Verwaltungs AG (HSZH).  

    The department has executed agreements with 80 banks, since March 30, 2015, when it announced the first Swiss Bank Program non-prosecution agreement with BSI SA.  By our count it is 94 banks - see our post 93 Swiss Banks Are Turning Over Your Names To The IRS - What Are Your Waiting For?, plus HSZH, but who's counting (See Below)?

    The department has imposed a total of more than $1.36 billion in Swiss Bank penalties, including more than $49 million in penalties from HSZH.  Every bank in the program, including HSZH, is required to cooperate in any related criminal or civil proceedings, and that cooperation continues through 2016 and beyond.

    "Through this initiative, we have Uncovered Those who Help Facilitate Evasion Schemes and those who Hide Funds in Secret Offshore Accounts" said Attorney General Loretta E.  Lynch. 
     

    HSZH, the final bank to reach a non-prosecution agreement under Category 2 of the Swiss Bank Program. Until 2013, HSZH conducted a U.S. cross-border banking business that aided and assisted certain of its U.S. clients in opening and maintaining undeclared accounts in Switzerland and concealing the assets and income they held in these accounts from the U.S. government.  Through its managers, employees and/or others, HSZH knew or had reason to know that some U.S. taxpayers who opened and maintained accounts at HSZH were not complying with their U.S. income tax and reporting obligations.
    Meetings between HSZH private bankers and U.S. clients took place in multiple locations within the United States, including in Florida, New York, Pennsylvania, Virginia and Washington, D.C.  Some U.S. clients asked for cash on a regular basis, so at times, the HSZH private banker for such clients would personally deliver cash to the clients in the United States in amounts below $10,000 to avoid the reporting requirements. 
    During the period since Aug. 1, 2008, HSZH held a total of 605 U.S.-related accounts, both declared and undeclared, with an aggregate peak of approximately $1.12 billion in assets under management.  HSZH will pay a penalty of $49.757 million.

    Under the program, banks are required to:

    • Make a complete disclosure of their cross-border activities;
    • Provide detailed information on an account-by-account basis for accounts in which U.S. taxpayers have a direct or indirect interest;
    • Cooperate in treaty requests for account information;
    • Provide detailed information as to other banks that transferred funds into secret accounts or that accepted funds when secret accounts were closed;
    • Agree to close accounts of account holders who fail to come into compliance with U.S. reporting obligations; and
    • Pay appropriate penalties.

     















    The complete list of Swiss Banks which are turning over the names of their US Account Holders, who are now subject to a 50% (rather than 27.5%) penalty in the IRS’s Offshore Voluntary Disclosure Program (OVDP)is as of 1/25/16: 

    1. UBS AG
    2. Credit Suisse AG, Credit Suisse Fides, and Clariden Leu Ltd.
    3. Wegelin & Co.
    4. Liechtensteinische Landesbank AG
    5. Zurcher Kantonalbank
    6. swisspartners Investment Network AG, swisspartners Wealth Management AG, swisspartners Insurance Company SPC Ltd., and swisspartners Versicherung AG
    7. CIBC FirstCaribbean International Bank Limited, its predecessors, subsidiaries, and affiliates
    8. Stanford International Bank, Ltd., Stanford Group Company, and Stanford Trust Company, Ltd.
    9. The Hong Kong and Shanghai Banking Corporation Limited in India (HSBC India)
    10. The Bank of N.T. Butterfield & Son Limited (also known as Butterfield Bank and Bank of Butterfield), its predecessors, subsidiaries, and affiliates
    11. Sovereign Management & Legal, Ltd., its predecessors, subsidiaries, and affiliates (effective 12/19/14)
    12. Bank Leumi le-Israel B.M., The Bank Leumi le-Israel Trust Company Ltd, Bank Leumi (Luxembourg) S.A., Leumi Private Bank S.A., and Bank Leumi USA (effective 12/22/14)
    13. BSI SA (effective 3/30/15)
    14. Vadian Bank AG (effective 5/8/15)
    15. Finter Bank Zurich AG (effective 5/15/15)  
    16. Societe Generale Private Banking (Lugano-Svizzera) SA (effective 5/28/15)
    17. MediBank AG (effective 5/28/15)
    18. LBBW (Schweiz) AG (effective 5/28/15)
    19. Scobag Privatbank AG (effective 5/28/15)  
    20. Rothschild Bank AG (effective 6/3/15)
    21. Banca Credinvest SA (effective 6/3/15)
    22. Societe Generale Private Banking (Suisse) SA (effective 6/9/15)
    23. Berner Kantonalbank AG (effective 6/9/15)
    24. Bank Linth LLB AG (effective 6/19/15)
    25. Bank Sparhafen Zurich AG (effective 6/19/15)
    26. Ersparniskasse Schaffhausen AG (effective 6/26/15)
    27. Privatbank Von Graffenried AG (effective 7/2/15)
    28. Banque Pasche SA (effective 7/9/15)
    29. ARVEST Privatbank AG (effective 7/9/15)
    30. Mercantil Bank (Schweiz) AG (effective 7/16/15)
    31. Banque Cantonale Neuchateloise (effective 7/16/15)
    32. Nidwaldner Kantonalbank (effective 7/16/15)
    33. SB Saanen Bank AG (effective 7/23/15)
    34. Privatbank Bellerive AG (effective 7/23/15)
    35. PKB Privatbank AG (effective 7/30/15)
    36. Falcon Private Bank AG (effective 7/30/15)
    37. Credito Privato Commerciale in liquidazione SA (effective 7/30/15)
    38. Bank EKI Genossenschaft (effective 8/3/15)
    39. Privatbank Reichmuth & Co. (effective 8/6/15)
    40. Banque Cantonale du Jura SA (effective 8/6/15)
    41. Banca Intermobiliare di Investimenti e Gestioni (Suisse) SA (effective 8/6/15)  
    42. bank zweiplus ag (effective 8/20/15)
    43. Banca dello Stato del Cantone Ticino (effective 8/20/15)
    44. Hypothekarbank Lenzburg AG (effective 8/27/15)
    45. Schroder & Co. Bank AG (effective 9/3/15)
    46. Valiant Bank AG (effective 9/10/15)
    47. Bank La Roche & Co AG (effective 9/15/15)
    48. Belize Bank International Limited, Belize Bank Limited, Belize Corporate Services Limited, their predecessors, subsidiaries, and affiliates (effective 9/16/15)
    49. St. Galler Kantonalbank AG (effective 9/17/15)
    50. E. Gutzwiller & Cie, Banquiers (effective 9/17/15)
    51. Migros Bank AG (effective 9/25/15)
    52. Graubundner Katonalbank (effective 9/25/15)
    53. BHF-Bank (Schweiz) AG (effective 10/1/15)
    54. Finacor SA (effective 10/6/15)
    55. Schaffhauser Kantonalbank (effective 10/8/15)
    56. BBVA Suiza S.A. (effective 10/16/15)
    57. Piguet Galland & Cie SA (effective 10/23/15)
    58. Luzerner Kantonalbank AG (effective 10/29/15)
    59. Habib Bank AG Zurich (effective 10/29/15)
    60. Banque Heritage SA (effective 10/29/15)
    61. Hyposwiss Private Bank Genève S.A. (effective 10/29/15)
    62. Banque Bonhôte & Cie SA (effective 11/3/15)
    63. Banque Internationale a Luxembourg (Suisse) SA (effective 11/12/15)
    64. Zuger Kantonalbank (effective 11/12/15)
    65. Standard Chartered Bank (Switzerland) SA, en liquidation (effective 11/13/15)
    66. Maerki Baumann & Co. AG (effective 11/17/15)
    67. BNP Paribas (Suisse) SA (effective 11/19/15)
    68. KBL (Switzerland) Ltd. (effective 11/19/15)
    69. Bank CIC (Switzerland) Ltd. (effective 11/19/15)
    70. Privatbank IHAG Zürich AG (effective 11/24/15)
    71. Deutsche Bank (Suisse) SA (effective 11/24/15)
    72. EFG Bank AG (effective 12/3/15)
    73. EFG Bank European Financial Group SA, Geneva (effective 12/3/15)
    74. Aargauische Kantonalbank (effective 12/8/15)
    75. Cornèr Banca SA (effective 12/10/15)
    76. Bank Coop AG (effective 12/10/15)
    77. Crédit Agricole (Suisse) SA (effective 12/15/15)
    78. Dreyfus Sons & Co Ltd, Banquiers (effective 12/15/15)
    79. Baumann & Cie, Banquiers (effective 12/15/15)
    80. Bordier & Cie Switzerland (effective 12/17/15)
    81. PBZ Verwaltungs AG (effective 12/17/15)
    82. PostFinance AG (effective 12/17/15)
    83. Edmond de Rothschild (Suisse) SA (effective 12/18/15)
    84. Edmond de Rothschild (Lugano) SA (effective 12/18/15)
    85. Bank J. Safra Sarasin AG (effective 12/23/15)
    86. Coutts & Co Ltd (effective 12/23/15)
    87. Gonet & Cie (effective 12/23/15)
    88. Banque Cantonal du Valais (effective 12/23/15)
    89. Banque Cantonale Vaudoise (effective 12/23/15)
    90. Bank Lombard Odier & Co Ltd (effective 12/31/15)
    91. DZ Privatbank (Schweiz) AG (effective 12/31/15)
    92. Union Bancaire Privée , USP SA (effective 1/6/16)
    93. PHZ Privat - und Handelsbank Zürich AG reorganized as Leodan Privatbank AG (effective 1/25/16)
    94. HSZH Verwaltungs AG (effective 1/28/16).  

    Outside of these banks, the norm within the OVDP remains 27.5%. That is far better than prosecution or much bigger civil penalties. Some taxpayers, including taxpayers with accounts at one of the 93 Swiss Banks listed abover can opt for the easier and less costly Streamlined program. This list does not impact the Streamlined programs because you must be non-willful to qualify. All of this is part of the June 2014 improvements to the OVDP, which sparked new interest in cleaning up offshore accounts.
     
    1. With 94 Swiss banks taking the DOJ deal and 

    2. FATCA requiring the entire world to report to the IRS
    it is inevitable that this increased disclosure, will result in Every American eventually being discovered. Banks worldwide want to know if there US clients are compliant with the IRS.
     

    Within the OVDP, people who pre-cleared before the various effective dates are generally safe from the higher 50% penalty. As additional banks are added to the list, only those American taxpayers that request pre-clearance before their bank is listed, will get the 27 1/2% OVDP penalty. The 50% penalty now applies to all taxpayers with accounts at financial institutions or with facilitators which are named, are cooperating or are identified in a court filing such as a John Doe summons.
     
    Although the 50% penalty is high, willful civil violations can result in tax, penalties and interest totaling 325% of the highest balance in the account for the  most recent six years period. Recent guidance suggests that the IRS could be more lenient in the future, but the IRS’s definition of leniency can still make the OVDP a very good deal that provides certainty.  
     
    Do You Have Undeclared Income from one of 

    These Swiss Banks or

    Swiss Asset Management Company?

     
     
    Is Your Name Being Handed Over to the IRS?
     
     
    Want to Know if the OVDP Program is Right for You?
    Contact the Tax Lawyers at 
    Marini& Associates, P.A.  
     
    for a FREE Tax Consultation
    at: www.TaxAid.us or www.TaxLaw.ms or
    Toll Free at 888-8TaxAid (888) 882-9243

     

    Read more at: Tax Times blog

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