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- How the IRS Investigates FBAR Violations
After the foreign bank reports the non-compliant taxpayer’s account information to the foreign taxing authority, the information is then provided to the IRS. For those countries without intergovernmental agreements (IGAs), the account holder’s information will be sent directly to the IRS.
- U.S. District Court Upholds Multiple Willful FBAR Penalties Against Taxpayer
In a case that has raised eyebrows in the tax community, a jury in the Southern District of Florida has sustained the IRS's assessment of multiple willful FBAR penalties against an American business man and bank director.
- IRS Assesses Another 150% Civil FBAR Penalty
The IRS has asserted multiple maximum civil FBAR penalties against Ashvin Desai, who failed to disclose the existence of offshore accounts or report interest income from the accounts on his tax returns. Desai, a sixty-four year old born in Mumbai, India, was sentenced last week to six months of imprisonment in his criminal trial.
- Offshore Web Hosting for an Online Business
Privacy, security, and freedom of speech and expression are reasons many businesses give for choosing offshore website hosting. The physical location of the actual servers that the web hosting company uses to run a website determines the laws under which the website operates. So a website that is hosted by a company with servers in Iceland must comply with the laws of Iceland. There are both excellent and questionable offshore website hosting companies in countries around the world.
- Minimize Product Liability Risk with a Well-Written Contract
If your company is importing products made overseas, what is your liability for a safety or quality issue that causes harm? A well-written contract with the manufacturer can define and quantify risk.
- The Real Risks Offshore Workers Face on a Daily Basis
Offshore workers face numerous risks on a daily basis. When these risks lead to on-the-job injuries, the physical, financial and emotional consequences can be devastating for injured workers and their families.
- How Does U.S. Law View Offshore Bank Accounts?
Perhaps you are one of the fortunate few who has achieved a level of wealth where you are legitimately concerned that the ebb and flow of the U.S. economy could have a dramatic effect on your personal finances. Or, perhaps, you have heard that there are ways to avoid certain taxes if you keep your money offshore.
- IRS Changing Terms for Offshore Account Holders
U.S. taxpayers hiding assets abroad should take note of the Internal Revenue Service’s plan to sharply increase penalties for such acts, while those who unintentionally fail to disclose offshore accounts will experience much more leniency.
- Offshore Tax Havens and Bank Accounts- Are They Legal?
Following Mitt Romney's run for election and the more recent fall of Cyprus, tax havens have become increasingly scrutinized by the public eye. But are they always illegal?
- Hedge Funds: The Role of Directors in the Life Cycle of a Fund - Cayman Islands
by Murray LLP
The board of directors play a central role in any offshore hedge fund. At every stage of the life cycle of a hedge fund the directors need certain critical information and documents in order to perform their duties. The life cycle can roughly be determined as the fund formation stage, the post launch operation (which might last several years) and then the eventual liquidation.