Every U.S.- connected person with foreign bank accounts must file an annual Report of Foreign Bank and Financial Account (FBAR) if their foreign accounts had an aggregate balance of $10,000 or more at any point over the course of the year. FBARs are also called Form 114, and the form must be filed electronically by the filing deadline. This year, that deadline was June 30, 2016.

The Internal Revenue Service (IRS) and the U.S. Department of Justice have been going after Swiss banks for years for allegedly facilitating tax evasion among U.S. residents. The Swiss Bank Program was created in order to encourage banks to come forward, pay a fine and report account information voluntarily to the IRS. Banks that came forward could avoid criminal prosecution.

Sam Wyly and his brother Charles Wyly have been found guilty of tax fraud and are subject to potentially serious penalties. Sam Wyly is a former billionaire who is now in bankruptcy court. During his bankruptcy court proceedings held in May, a U.S. Bankruptcy Court judge found that the two brothers had intentionally tried to evade taxes through the use of a complex and elaborate offshore non-grantor trust structure.

Employers are required to withhold employment taxes from the paychecks of employees who work for them. Employers must file regular reports and pay the taxes that are due. In some cases, however, employers fail to fulfill withholding obligations and fail to make reports and payments on time. Employers beware: The Internal Revenue Service and the Department of Justice is now teaming up to crackdown on failure to comply with employment tax rules.