News & Events

Practitioners are offering relatively consistent interpretations of sentences resulting from an ongoing series of Justice Department foreign bank account reporting prosecutions against taxpayers with unreported offshore accounts, agreeing the sentences are light.

Recently released opinions in Circular 230 disciplinary proceedings confirm that practitioners under review for alleged ethical violations usually don't have much luck in escaping the sanctions sought by the IRS Office of Professional Responsibility. While both cases dealt with familiar noncompliance issues, several arguments made by OPR might trouble tax professionals concerned about the extent of the office's authority.

Kevin E. Thorn will be giving the UBS Offshore Account Update on Voluntary Disclosures at the upcoming ABA Tax Section, Civil & Criminal Penalties Committee Meeting in Washington, DC.

Secret Swiss financial account at UBS the culprit.

More Swiss Banks to possibly disclose Undisclosed Account Holders. What it means!