Analysis of IRS Guidance for President Trump’s COVID-19 Payroll Tax Holiday

September 22, 2020

  Analysis of IRS Guidance for President Trump’s COVID-19 Payroll Tax Holiday Following the failure of Congress to pass the most recent round of COVID-related economic stimulus, which has still not occurred, President Trump, by executive order, postponed the collection and remittance of Social Security taxes withheld from employees’ checks. This Social Security tax amounts…

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Deutsche Bank Agrees to Pay $95 Million Under Latest Tax Fraud Settlement

February 2, 2017

This past month, Deutsche Bank has agreed to pay out $95 million dollars to resolve a lawsuit brought against the bank by the US Government. The suit, which was filed back in December of 2014, alleges that Deutsche Bank, in 2000, had been using an insolvent shell company within the United States to hide significant…

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FBAR and the 2012 Offshore Voluntary Disclosure Program

July 11, 2012

Established pursuant to the Bank Secrecy Act (BSA), the “Report of Foreign Bank and Financial Accounts” (FBAR) filing requirements have been in place now since 1972. Despite its long existence, the section in FBAR requiring U.S. persons to file Form TD F 90-22.1 (better known as the “FBAR form”) has only been strictly enforced in…

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I.R.S. Revives Voluntary Disclosure Program for Offshore Accounts

January 10, 2012

At the beginning of last year we reported on our blog about the amnesty program of the Internal Revenue Service (I.R.S.) for offshore accounts. Yesterday, the I.R.S. announced that it would revive its so-called voluntary disclosure program for offshore accounts. The I.R.S. collected $4.4 billion in two previous programs The program’s revival is part of…

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IRS and Swiss Banks are Closer to a Settlement on Bank Secrecy

June 23, 2011

For most Americans a Swiss bank account is one of those things that everyone perceives as a sign of wealth and prestige. Keeping your money safe, secure, and most importantly secret, at an office in Zurich or Geneva was supposed to be the pinnacle of security for the funds of the rich. The reason for…

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IRS Begins Processing Tax Forms Affected by Late Tax Changes Taxpayers can e-File Immediately

February 17, 2011

The Internal Revenue Service announced on February 15, 2011 it has started processing individual tax returns affected by legislation enacted in December and reminded taxpayers that they can begin filing electronically immediately. On 2/14/2011 IRS systems began to accept and process both e-file and paper tax returns claiming itemized deductions on Form 1040, Schedule A,…

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Another I.R.S. Amnesty for Offshore Accounts

January 25, 2011

The Internal Revenue Service (I.R.S.) said on Monday that it would soon announce a new amnesty program aimed at encouraging wealthy Americans with hidden offshore bank accounts to come forward, declare their money and pay taxes owed. For more information, please visit our website. Best regards und viele Grüße aus Charlotte Reinhard von Hennigs

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