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Foreign bank and financial accounts - issues exist beyond UBS

  • Dykema Gossett PLLC
  • -
  • USA
  • -
  • March 5 2009

Under federal law, taxpayers are required to disclose foreign bank and financial accounts

Close of landmark Swiss bank litigation marks the "beginning of a global offshore tax evasion probe"

  • Dykema Gossett PLLC
  • -
  • Switzerland, USA
  • -
  • November 18 2010

On Tuesday, November 16, 2010, after receiving more than 4,000 names of suspected tax evaders, Internal Revenue Service closed legal proceedings against UBS, a Swiss bank that the IRS alleged had assisted United States taxpayers in efforts to hide assets and income

Foreign bank accounts: immediate action may be required to avoid criminal prosecution

  • Dykema Gossett PLLC
  • -
  • USA
  • -
  • September 2 2009

After September 23rd, unless the IRS extends the deadline, the terms of settling with the IRS for failing to disclose a foreign account are likely to become less advantageous and criminal sanctions become more likely

Offshore accounts: IRS offers third Voluntary Disclosure Opportunity

  • Dykema Gossett PLLC
  • -
  • USA
  • -
  • January 13 2012

On January 9, 2012, the Internal Revenue Service announced that it is offering a third Offshore Voluntary Disclosure Initiative ("OVDI"

Fannie Mae and Freddie Mac not exempt from statelocal real estate transfer taxes

  • Dykema Gossett PLLC
  • -
  • USA
  • -
  • March 30 2012

In a decision that could have extensive implications for the entire mortgage industry, a federal judge in Michigan ruled that Fannie Mae and Freddie Mac are not exempt from paying local and state real estate transfer taxes

Still beneficial to disclose offshore accounts

  • Dykema Gossett PLLC
  • -
  • USA
  • -
  • December 14 2009

The IRS recently released information indicating that 14,700 individuals came forward by October 15, 2009 to disclose their ownership of offshore accounts

Court declares Chicago Vacant Property Ordinance preempted and impermissible tax on governmental lenders: private lenders still on the hook

  • Dykema Gossett PLLC
  • -
  • USA
  • -
  • August 26 2013

A federal court in Illinois has declared the Federal Housing Finance Agency (FHFA), Fannie Mae and Freddie Mac exempt from Chicago's Vacant Property

“Objectively reasonable” interpretation of FACTA averts liability

  • Dykema Gossett PLLC
  • -
  • USA
  • -
  • June 11 2014

In Hammer v. Sam's E., --- F. 3d ---, 2014 U.S. App. LEXIS 10452 (8th Cir. June 5, 2014), the Eight Circuit Court of Appeals affirmed the District

2014 foreign account alert: increased governmental scrutiny increases importance of voluntary disclosure programs and timing issues

  • Dykema Gossett PLLC
  • -
  • USA
  • -
  • June 11 2014

For many years, the Internal Revenue Service and the United States Department of Justice have pursued owners of undisclosed foreign bank accounts for

Business law quarterlysummer 2014

  • Dykema Gossett PLLC
  • -
  • USA
  • -
  • August 25 2014

You may have encountered the term “bankruptcy remote”. It was coined to refer to a method of endowing a company with certain characteristics which