Lance Wallach
According to various reports the IRS is investigating the Israeli banks Bank Leumi, Bank Hapoalim and Mizrahi Tefahot Bank for conspiring with individuals to enter into a loan scheme intended to evade taxes on funds brought to the U.S. from undisclosed foreign bank accounts. The focus on the banks themselves is a notable departure from similar investigations in the past. In prior investigations, the bank or bankers had a passive relationship, whereas Bank Leumi allegedly took an active role in setting up the scheme to evade taxes. Bank Leumi has sent letters to various account holders suggesting clients enter into the IRS voluntary disclosure program otherwis
If You Have or Had Money Overseas You Better File for Amnesty ASAP
Known as the Offshore Voluntary Disclosure Program/Initiative (OVDP or OVDI).
To try to reduce the fines we suggest that you then opt out and take your case to the IRS appeals division. Our former IRS appeals officer has lots of experience in this. He was also a manager in the IRS international division. With large fines at stake you probably want the best.
Lance Wallach, National Society of Accountants Speaker of the Year and member of the AICPA faculty of teaching professionals, is a frequent speaker on retirement plans, abusive tax shelters, financial, international tax, and estate planning. He writes about 412(i), 419, Section79, FBAR, and captive insurance plans. He speaks at more than ten conventions annually, writes for over fifty publications, is quoted regularly in the press and has been featured on television and radio financial talk shows including NBC, National Public Radio’s All Things Considered, and others. Lance has written numerous books including Protecting Clients from Fraud, Incompetence and Scams published by John Wiley and Sons, Bisk Education’s CPA’s Guide to Life Insurance and Federal Estate and Gift Taxation, as well as the AICPA best-selling books, including Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots. He does expert witness testimony and has never lost a case. Contact him at 516.938.5007,wallachinc@gmail.com or visit http://www.taxadvisorexpert.com.
The information provided herein is not intended as legal, accounting, financial or any type of advice for any specific individual or other entity. You should contact an appropriate professional for any such advice.
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