I’m on the Radio!
I’m going all Clairee from Steel Magnolias on you. I’m on the radio! You can check out my interview with Jeff Horwich on Minnesota Public Radio about “sneaky rich people” here (I’m right after the vaccine report):
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And The Most Secretive Financial Jurisdiction in the World Is…? (Hint: there’s no cheese involved)
The Tax Justice Network has recently released its list of the most secretive financial jurisdictions in the world. And who topped the list? Luxembourg? Switzerland? Hong Kong? Caymans? Nope, it’s the United States. Yeah, of America. But don’t get too excited with your finger pointing. It has little to do with most of the US….
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UBS Client Prosecutions Continue
Jeffrey Chernick, a toy salesman out of New York, was sentenced on Friday to three months in prison for hiding millions of dollars from the IRS. Upon his release, Chernick will serve six months’ house arrest and six months’ probation. The judge did not impose an additional fine as Chernick is already subject to more…
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Numbers Rolling In For Offshore Amnesty
The IRS amnesty program for taxpayers who had previously failed to disclose income from offshore accounts ended last week on October 15. By all accounts, it was wildly successful. According to IRS Commish Doug Shulman, nearly 7,500 taxpayers came forward to make voluntarily disclosures in hopes of avoiding criminal prosecutions. Dollar amounts ranged from $10,000…
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Voluntary Disclosure Program Ends Thursday
The voluntary disclosure program which allows US taxpayers to avoid criminal prosecution for not reporting foreign accounts ends on Thursday. No, you’re not reading an old post. The amnesty deadline was extended last month from September 23 to Thursday, October 15. How successful is the program? It’s estimated that between 3,000 and 4,000 taxpayers have…
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Merkel Wins 2nd Term In Germany, Touts Tax Cuts
“Lesen Sie es von meinen Lippen ab, keine neuen Steuern.”(translation: Read my lips, no new taxes.) Okay, maybe German Chancellor Angela Merkel didn’t actually say that – but that was the gist of her message when she made a play for a second term. And it worked. With Germany suffering through its own economic woes,…
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Offshore Voluntary Compliance Program Deadline Extended
The Internal Revenue Service (IRS) has announced an extension of the deadline for its Offshore Voluntary Compliance Program. The deadline, which was initially September 23, 2009, has been pushed out until October 15, 2009. While more than 3,000 have come forward so far, the program is expected to garner considerably more taxpayers before the deadline….
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Ask The Taxgirl: Oh Canada!
Taxpayer asks: I have what may be a stupid question. I read your answer about FBAR and I was wondering whether you have to report bank accounts in Canada or does this just apply overseas? Taxgirl says: Oh, Canada. Land of moose, maple syrup, and an occasionally decent hockey team… Actually, Canada has a pretty…
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Ask The taxgirl: FBAR & Power Of Attorney
Taxpayer asks: I was just reading about the rules for FBAR, and noticed that the IRS says that people who have Power of Attorney (POA) for elderly relatives with foreign bank accounts must submit FBAR reports if those accounts total over $10,000 at any point during the year. As it happens, I have a POA…
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Fix The Tax Code Friday: Foreign Accounts
The IRS crackdown on foreign accounts has been generating a lot of discussion in the blogosphere. Some folks argue that it’s a waste of resources, others argue that it’s been a long time coming. Today’s Fix the Tax Code Friday question is: Is the targeting of offshore accounts a fair use of IRS resources? Or…