The Internal Revenue Service recently announced revised timelines in connection with the staged implementation of the various due diligence, verification, withholding, and reporting requirements contained in IRC sections 1471 – 1474.

The GIIN assigned as a result of this registration option then instructs IDES to route transmissions directly to the IRS.

On June 18, 2014, the IRS announced significant changes to its current Offshore Voluntary Disclosure Program.

On October 17, 2013, Swiss Bank Frey & Co. AG announced that it had decided to cease business activities as a bank stemming from "increasingly difficult market conditions, ever-growing regulations and the unsustainable requirements that smaller private banks are required to comply with" related to the tax dispute with the United States. Dr. Markus Frey, Chairman of the Board, stated that "[a]s a result of developments in recent years, circumstances and challenges have presented themselves, espec

Recently the IRS released much-anticipated additional guidance in relation to the OVDP and related programs.

On Aug. 30, 2016, the Treasury Department, the Federal Reserve, the FDIC, the National Credit Union Administration and the Office of the Comptroller of the Currency issued guidance to U.S. banks...

On August 23, 2013, Laura Saunders wrote an article titled, "Offshore-Adviser Plea Marks a Shift in Tax Crackdown," which appeared in The Wall Street Journal.

The Permanent Subcommittee on Investigations held a hearing on ending offshore tax evasion.

The IRS has released interim guidance providing an alternative method for payment processors to determine if they must report payments to offshore accounts under Section 6050W.

On May 7th, 2015, the US Treasury Department published its first quarter 2015 list of individuals who have chosen to expatriate and it was yet again an eye opening number.

In a sign that the U.S. government continues to aggressively seek information on U.S. taxpayers with non-U.S. bank accounts, the government announced on November 12, 2013, that it had obtained a court order authorizing the government to issue so-called "John Doe summonses" for information on U.S. account holders.

On December 8, 2004, the U.S. Department of the Treasury Financial Crimes Enforcement Network ("FinCEN") issued interpretive Guidance requiring Money Services Businesses that use overseas agents to move funds in and out of the United States to establish, as part of their anti-money laundering procedures, appropriate measures to address the risks of money laundering and terrorism financing posed by relationships with foreign parties. Businesses are expected to be fully compliant with this Guidanc

The U.S. Treasury Department has announced that the Bush Administration will seek a 12.7% increase in the budget for the Financial Crimes Enforcement Network (FinCEN) as part of the 2005 budget, (U.S. Treasury Department, Press Release JS-1100, January 16, 2004).

A recent decision by the Israeli Supreme Court has cleared the way for FATCA implementation by lifting a temporary injunction on the disclosure of information to U.S. authorities under IGA.

Anyone with an off-shore bank or brokerage account in India who has not yet reported the account on his or her tax return has until August 31, 2011 to take advantage of a U.S. government-sponsored amnesty program to remedy that situation.

Americans with secret accounts in Belize should take notice: the government is looking for you.

The DOJ’s Program for Swiss Banks, announced August 29, 2013, is rippling through the worldwide financial community.

2014 presents particular challenges with respect to the Report of Foreign Bank and Financial Accounts.

These summonses permit the IRS to seek records of the Belize Banks' correspondent accounts at Bank of America, N.A. and Citibank, N.A.

In late February 2016, the Justice Department filed an action in federal court to compel UBS's branch in Miami to produce bank records of a Singapore account purportedly owned by a taxpayer who lives in China and is under IRS audit.