IRS Commissioner Douglas Schulman announced that the September 23 deadline for U.S. taxpayers with undisclosed foreign bank accounts to come forward and participate in the Offshore Account Settlement Initiative will not be extended.  Thus, U.S. taxpayers with accounts in foreign banks have just three weeks to make a voluntary disclosure of their accounts to the IRS or risk facing increased monetary penalties and potential criminal prosecution.

There is no question ethics controversy is on the rise.  While the Internal Revenue Service has stepped up its enforcement activities across the board, the Service’s Office of Professional Responsibility (“OPR” or the “Office”) has dramatically increased its presence and has become a focal point of attention by the tax practitioner community.

"The Swiss legal system is maintained, because the U.S. have promised to act on the basis of the current agreements and to ask for legal assistance again,"

Hundreds of wealthy Americans are revealing they have offshore bank accounts as the U.S. and Swiss bank UBS AG negotiate to resolve a lawsuit seeking the identities…

Hundreds of wealthy Americans are revealing they have offshore bank accounts as the U.S. and Swiss bank UBS AG negotiate to resolve a lawsuit seeking the identities…