Offshore Enforcement Remains Top Priority of DOJ

By Sanford Millar of MillarLaw A Professional Corporation On Thursday, August 18, 2016

PRINCIPAL DEPUTY ASSISTANT ATTORNEY GENERAL CAROLINE D. CIRAOLO DELIVERS REMARKS REGARDING THE TAX DIVISION’S OFFSHORE TAX ENFORCEMENT EFFORTS AT THE PANAMA BANKERS ASSOCIATION ANTI-MONEY-LAUNDERING CONFERENCE WEDNESDAY, AUGUST 17, 2016 Remarks as prepared for delivery PANAMÁ CITY, PANAMA Good afternoon. I’m very pleased to be in Panama City at the Panama Bankers Association Anti-Money Laundering Conference. … Continue reading Offshore Enforcement Remains Top Priority of DOJ

Foreign Bank Account Reports Due June 30

By Sanford Millar of MillarLaw A Professional Corporation On Sunday, May 22, 2016

U.S. Taxpayers who directly or indirectly controlled foreign financial accounts in 2015 are reminded that the deadline to file a Report of Foreign Financial Account (FBAR) FinCEN Form 114 is June 30. Taxpayers with unfiled FBARs for prior years should be aware of that the information exchange agreements under the Foreign Account Tax Compliance Act … Continue reading Foreign Bank Account Reports Due June 30

You Skipped OVDP, now the IRS has initiated an Audit

By Ani Galyan of MillarLaw A Professional Corporation On Sunday, May 15, 2016

Since 2009, the Offshore Voluntary Disclosure Program (OVDP) has been available to Taxpayers who have foreign assets, foreign financial accounts, and foreign source income unreported for U.S. Income Tax and Bank Secrecy Act purposes. In addition, in June of 2014 the IRS announced the Streamlined Procedures to further encourage Taxpayers to come forward and remedy … Continue reading You Skipped OVDP, now the IRS has initiated an Audit

Panama Papers To Be Released May 9, 2016. Why Does It Matter?

By Sanford Millar of MillarLaw A Professional Corporation On Sunday, May 1, 2016

Panama Papers To Be Released May 9, 2016. Why Does It Matter? The International Consortium of Investigative Journalists (ICIJ) will release perhaps the largest database of private offshore companies and their ultimate owner ever made public. According to the ICIJ “The data comes from the Panamanian law firm Mossack Fonseca, one of the top players … Continue reading Panama Papers To Be Released May 9, 2016. Why Does It Matter?

What’s Next in Foreign Account Enforcement?

By Sanford Millar of MillarLaw A Professional Corporation On Sunday, January 10, 2016

The Department of Justice and the IRS are now mining the wealth of data obtained through settlements  (Non-Prosecution Agreements) with almost 100 Swiss banks.  The search through the data is methodical. First the government seems to be looking for “leavers”.  Leavers are U.S. taxpayers who maintained an account at a foreign fianancial institution and who … Continue reading What’s Next in Foreign Account Enforcement?

Justice Department Focusing on Offshore Account

By Sanford Millar of MillarLaw A Professional Corporation On Sunday, October 11, 2015

At a recent tax conference a senior Justice Department official reaffirmed thte commitment of the U.S. Department of Justice to continue offshore enforcement efforts. As is widely reported the official stated: “We are well beyond Switzerland at this point,” she said, citing enforcement announcements concerning India, Israel, Liechtenstein, Panama, the British Virgin Islands, and, most … Continue reading Justice Department Focusing on Offshore Account

Check Cashing, Tax Evasion, Structuring and Asset Forfeiture; The Making of a Bad Day

By Sanford Millar of MillarLaw A Professional Corporation On Monday, August 31, 2015

The following fact pattern should is representative of a tax evasion and structuring case. A taxpayer receives checks in the ordinary course of business from customers. Some of those checks are deposited into the business bank account and some are cashed. The cashed checks don’t equal or exceed $10,000. The cash is then deposited into … Continue reading Check Cashing, Tax Evasion, Structuring and Asset Forfeiture; The Making of a Bad Day

Warning, Offshore Accounts Holders May Have No Fifth Amendment Protections

By Sanford Millar of MillarLaw A Professional Corporation On Monday, April 13, 2015

In what is becoming an increasingly used attack vehicle, the Department of Justice (DoJ) is using the “required records doctrine” to compel taxpayer’s to produce what may be incriminating evidence of ownership or control of foreign financial accounts. The DoJ process involves the issuance of a Grand Jury subpoena for records and then compelled testimony. … Continue reading Warning, Offshore Accounts Holders May Have No Fifth Amendment Protections

When do non-U.S. citizens pay income tax and report foreign financial accounts?

By of MillarLaw A Professional Corporation On Sunday, January 11, 2015

In a series of Frequently Asked Questions releases December 31, 2014, The Congressional Research Service provides some guidance on when non-U.S. citizens may be subject to U.S. income taxes. The report states as follows: “Non-citizens who may be subject to U.S. income taxes include legal permanent residents who are authorized to live and work in … Continue reading When do non-U.S. citizens pay income tax and report foreign financial accounts?

Informal surrender of Green Card doesn’t work

By of MillarLaw A Professional Corporation On Sunday, November 9, 2014

The recent decision of the U.S.Tax Court, in Gerd Topsnik, (2014) makes it clear that an “informal” surrender of a Green Card, while recognized under immigration laws is not recognized for tax purposes. As stated in Checkpoint, ” The Tax Court held that because the taxpayer did not formally abandon his lawful permanent resident “LPR” … Continue reading Informal surrender of Green Card doesn’t work