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.

8 August 2024

US: SEC Urges Court to Block Coinbase’s Extensive Document Demand

The SEC argues that Coinbase’s request is overly broad, seeking nearly all documents related to crypto assets. In its court filing, the SEC stated that it has already provided Coinbase with various

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29 November 2024

CAYMAN ISLANDS: Cayman moves toward more beneficial owner access

The Cayman Islands Government is moving towards expanding who can access beneficial ownership information about financial entities registered here, beyond law enforcement agencies. Cabinet is expected

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4 October 2024

GREECE: New Greek Tax Crackdown Targets Freelancers and Boosts Compliance

The Greek Finance & Economy Ministry and the Independent Authority for Public Revenue (AADE) have reported significant progress with new tax measures aimed at freelancers and independent business

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25 March 2025

CAREY OLSEN: Carey Olsen advises on sale of Guernsey hospitality business, Randalls

Press Release from Carey Olsen, Tuesday 25 March, 2025. Carey Olsen has acted on the sale of Randalls, the Guernsey hospitality business which has been a feature of Guernsey’s hospitality industry

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