Asset Protection Law Journal

Asset Protection Law Journal

Helping individuals and businesses take advantage of asset protection laws

Category Archives: Swiss Bank Accounts

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FBAR and FATCA Provide Separate Reporting Requirements for Offshore Accounts

Posted in Offshore Trusts, Swiss Bank Accounts
FBAR and FATCA (which require reports by U.S. persons of interests in foreign accounts) overlap to a large extent.  But they impose separate reporting requirements.  Failure to comply (especially with regard to FBAR) can have very severe consequences.  FBAR (a foreign bank account report) stems from a banking regulation under the Bank Secrecy Act.  It… Continue Reading

IRS Form 8938 — Another Reporting Requirement for Offshore Assets

Posted in Offshore Trusts, Swiss Bank Accounts
The IRS is continuing its efforts to identify sources of offshore taxable income of U.S. taxpayers.  This has lead to a new reporting requirement.  Many U.S. taxpayers with foreign assets must now file IRS Form 8938 – Statement of Specified Foreign Financial Assets.  This new requirement is applicable to the 2011 tax year, and must be… Continue Reading

More Changes to Swiss Banking Rules

Posted in Swiss Bank Accounts
According to Matthew Saltmarsh writing in the Thursday, April 21, 2011 New York Times — Switzerland will probably sign new treaties by the summer with Germany and Britain under which their citizens will pay taxes on most of their undeclared assets in Swiss banks.  It appears that France and Italy will sign similar treaties with Switzerland. … Continue Reading

IRS Recieved a Flood of Foreign Account Disclosures as Amnesty Deadline Approached

Posted in Offshore Trusts, Swiss Bank Accounts
I reported in a post earlier this month that as an IRS amnesty deadline approached, more than 7,500 U.S. taxpayers had voluntarily disclosed their secret offshore accounts.  Lynnley Browning reports in a November 18, 2009 New York Times article that the IRS received a flood of additional disclosures just before the deadline expired.  The final number of U.S. taxpayers… Continue Reading

IRS Likely to Continue its Assault on Offshore Accounts

Posted in Offshore Trusts, Swiss Bank Accounts
It seems that U.S. lawmakers are likely to give the IRS increasing support in its recent assault on offshore accounts. More than 7,500 U.S. taxpayers have voluntarily disclosed secret offshore accounts to the Internal Revenue Service in connection with a recent amnesty program. The program did not provide any forgiveness for tax evasion. It simply provided possible… Continue Reading

IRS Extends Amnesty Program For Those Who Have Been Unlawfully Hiding Assets

Posted in Offshore Trusts, Swiss Bank Accounts
In March of 2009 the IRS began a six month amnesty program with reduced penalties for those who come forward and acknowledge they been have unlawfully hiding assets– and failing to pay applicable taxes on those assets.  The amnesty program is part of a broader effort by the IRS to crack down on U.S. citizens who are… Continue Reading

Disclosure of Secret Offshore Accounts May Have Caused Suicide of Prominent Philanthropist

Posted in Offshore Trusts, Swiss Bank Accounts
Finn M. W. Caspersen, heir to the Beneficial Corporation fortune, was a patron of Harvard and Princeton and gave away tens of millions of dollars to charity.  He was active in New Jersey politics.  Mr. Caspersen served on the Dean’s Advisory Council at Harvard Law School.  As Lynnley Browning wrote in the New York Times… Continue Reading

Justice Department Widens its Attack on Swiss Banking Secrecy

Posted in Offshore Trusts, Swiss Bank Accounts
Last week, the Swiss banking giant UBS agreed to turn over information on American clients suspected by the IRS of using Swiss accounts for tax evasion.  On Wednesday, August 19, IRS Commissioner Douglas Shulman said that the agency is looking at other banks and intermediaries in Switzerland in addition to UBS.  The IRS Commissioner was not kidding.  Last Thursday the Justice… Continue Reading