US: Tax evaders hiding money offshore get one last shot at amnesty from IRS

If you’ve been hiding funds in offshore accounts, you now have until Oct. 15 to apply to the IRS for amnesty and avoid stiffer penalties. That’s an additional 22 days from the original deadline of Sept. 23. So far, the amnesty program in 2009 has enticed 3,000 taxpayers to voluntarily admit they were hiding funds offshore. That’s a huge crowd compared to the 90 who filed for amnesty in 2008.

US: Tax evaders hiding money offshore get one last shot at amnesty from IRS

The primary reason people are coming forward is likely that the IRS began prosecutions in 2009; so far, two UBS (UBS) bankers, five of UBS’s U.S. clients, a Liechtensteiner adviser, a Swiss lawyer and a manager at Zurich-based Neue Zuercher Bank are facing prosecution. UBS paid the U.S. government $780 million in fines, penalties, interest and restitution in February, and turned over about 250 names to get the ball rolling. Based on an agreement reached with the U.S. in August, UBS will soon turn over 4,450 more client names.

People can only get amnesty if they apply voluntarily before the IRS gets their names. So for those holding out to see if their name will be on the list, by the time you find out, it could be too late.

20 January 2024

CHINA: New CIETAC arbitration rules aim to improve ‘effectiveness and efficiency’

A new version of the China International Economic and Trade Arbitration Commission (CIETAC) arbitration rules came into force on 1 January 2024. The update reflects best practice, taking account of

Read More
25 October 2024

FATF: Financial Action Task Force to halve number of countries on global AML “grey list” under new review criteria

Global AML watchdog the Financial Action Task Force (FATF) says it has made major changes to the criteria it uses for placing countries on its “grey list” of nations under increased monitoring,

Read More
15 March 2024

GIBRALTAR: European Commission deletes Gibraltar from ‘high risk’ list after FATF decision

The European Commission on Thursday removed Gibraltar from its list of high-risk countries with “strategic deficiencies” in mechanisms to counter money laundering and terrorist financing. The step

Read More
25 October 2024

CAREY OLSEN: Carey Olsen Jersey advises RoundShield on its largest fund in history, RS Fund V

Press Release from Carey Olsen, Friday 25 October, 2024. Carey Olsen’s investment funds team in Jersey has advised RoundShield Partners LLP (“RoundShield”) on the successful closing

Read More