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.
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.
The BRICS nations, comprising Brazil, Russia, India, China, and South Africa, have officially adopted a new joint climate finance framework. This mechanism primarily aims to enhance access to financial
For the second consecutive year, the EY and Institute of International Finance (IIF) Bank Risk Management Survey finds that cybersecurity is the top concern for European banking Chief Risk Officers
The World Bank priced the first CHF digital bond by an international issuer, which will settle using Swiss Franc wholesale Central Bank Digital Currency (wCBDC) provided by the Swiss National Bank (SNB).
Hong Kong has proposed exempting cryptocurrency gains from taxes for hedge funds, private equity and family investment vehicles to strengthen its position as a leading crypto financial hub. The proposal,