• Belvedere Management – Biggest Ponzi Scheme In History?

    David Marchant is a friend and a top investigative journalist. When David’s Offshore Alert breaks a story, smart regulators sit up and pay attention. Recently Offshore Alert warned that Belvedere Management was involved in some nefarious activities. Now we have learned that the government of Mauritius has shut down two Belvedere Management companies, The Four Elements PCC and ...

    Due Diligence- 309 readers -
  • Medicare Fraud – Why Kickbacks Hurt Patients

    Nurse Accuses Neurologist of Medicare Fraud. Prominent MD May Have Falsely Diagnosed Patients with Multiple Sclerosis Medicare fraud is a huge problem in the United States. The FBI calls it an epidemic. The cost of Medicare fraud has been estimated by some to be $80 billion per year. Because Medicare is funded by tax dollars, all of us become victims when physicians get greedy.

    Due Diligence- 65 readers -
  • CNN Warns of Oil & Gas, Shale Bond Defaults

    CNN Warns of Oil & Gas, Shale Bond Defaults November 13, 2015 by Brian Mahany CNN Money recently carried a story entitled, “Warning: Oil Company Defaults Coming.” We agree with everything in the article, however, we wish it were published years ago! For many months we have warned about coming defaults in the shale bond arena.

    Due Diligence- 27 readers -
  • Court Upholds FBAR Penalties

    A federal judge in Seattle upheld the IRS in a closely watched FBAR penalty case. Very few FBAR cases make it to federal court. Most are resolved at the IRS appeals level or in U.S. Tax Court. Earlier this month, a U.S. District Court judge found that the maximum penalties imposed against taxpayer James Moore did not violate the Due Process Clause or the Excessive Fines Clause of the U.S.

    Due Diligence- 20 readers -
  • FATCA and the Presidential Race

    FATCA and the Presidential Race Post by Veronica Pamoukaghlian, Senior Tax Writer The FIFA scandal and some other high profile prosecutions of tax evaders have brought FATCA to the foreground of US news. Suddenly our treaties with foreign nations and agreements with international banks to disclose information about US taxpayers are becoming common knowledge.

    Due Diligence- 18 readers -
  • Shale Bonds, Oil & Gas Fraud and the $4 Trillion Hole

    Shale Bonds Face Mass Defaults, Investors May Have Recourse Against Brokers Who Sold Them If you think the size of the national debt is big, wait until you hear how much revenues the world’s oil producers will lose over the next few years. According to the Wall Street Journal, oil producers will lose about $4.4 trillion over the next 3 years.

    Due Diligence- 80 readers -
  • The Long Arm of the IRS (Tax Evasion Post)

    Peter Canale is the Latest Brother to Get Caught Up in a Tax Evasion Scheme Involving Unreported Swiss Accounts Uncle Sam has become quite adept at ferreting out foreign bank accounts. Get caught with an unreported offshore account and you could even wind up in prison. One man in Kentucky thought he could outsmart the IRS by hiding his money in a Swiss account.

    Due Diligence- 41 readers -
  • US, Korea to Exchange Account Data – FATCA Update

    South Korea’s National Tax Service announced that Seoul and the IRS would soon begin exchanging data on offshore accounts. Under the 2010 FATCA law, foreign banks are required to review their accounts and report those with ties to the United States. Owning an account, have signature authority on the account or having a beneficial interest in the account all trigger reporting requirements.

    Due Diligence- 37 readers -
  • Swiss Bank Vadian Latest to Cooperate with IRS

    According to a wire report from Reuters, Vadian Bank AG, a small bank located in St. Gallen, Switzerland, is the latest bank to cooperate with the U.S. Department of Justice. In 2013, the U.S. government offered a voluntary disclosure program for Swiss banks that helped Americans hide their assets from the IRS. Earlier this spring, another Swiss bank, BSI, settled with the government.

    Due Diligence- 20 readers -
  • What Are the Risks Associated with Quiet Disclosures? FBAR Post

    [Note: This post by attorney Brian Mahany originally appeared in the National Law Review. It is repreinted here with permission from the the NLR.] The IRS estimates that there are millions of U.S. taxpayers with unreported offshore accounts. Americans with accounts in Switzerland. Dual nationals with accounts in their home country. American expats living and banking in Israel.

    Due Diligence- 19 readers -
  • Swiss Bank BSI Cooperates with IRS

    Banca della Svizzera Italiana – BSI for short – is one of the oldest banks in Switzerland. Founded in 1873, the bank has approximately $25.7 billion (USD) in assets and 2000 employees. Today, however, the bank’s balance sheet is a little short… about $211 million less. That’s because yesterday, BSI agreed to an amnesty deal with the U.S. Department of Justice.

    Due Diligence- 18 readers -
  • OVDP and Double Counting

    One of the most frequently asked questions we receive from new offshore reporting clients is how to handle transfers between bank accounts. Current reporting rules look to the highest balance in each foreign account but often that means double counting. Let’s say that our hypothetical client Dr. Singh has two accounts in India. One is a checking account and the other an investment account.

    Due Diligence- 17 readers -
    Earlier about the same topic:
  • Eric Holder, Bank of America, and the Revolving Door

    Eric Holder served as Attorney General of the United States from 2009 until earlier this year. Depending on whom you ask, his leadership of the Justice Department has been either great or terrible. Sticking to the facts, he is the first African American to serve as Attorney General. He also previously served as a U.S. Attorney and Superior Court judge. While U.S.

    Due Diligence- 17 readers -
  • FIFA Scandal – Where Were the Accountants?

    Ask any sports fan what the biggest news story and most will say it is the indictment of 14 men tied to FIFA. Short for the Federation Internationale de Football, FIFA is the world governing body for international soccer. It is also corrupt and rotten to the core, at least according to the United States Department of Justice.

    Due Diligence- 15 readers -
  • Alleged Tax Evader Loses Transfer Bid (FBAR Post)

    Peter Canale is charged with conspiracy to defraud the IRS. The allegations date back to 1993. The indictment didn’t happen until 2014 and was filed in Manhattan. According to the Peter, that is when Peter and his brother Michael allegedly conspired to hide money they inherited from their deceased father. Last month Canale’s lawyer filed a motion to transfer venue to Kentucky.

    Due Diligence- 15 readers -

Due Diligence

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