Wednesday, May 28, 2014

Zwerner Willfully Failed to File FBARs

Today, a Federal jury found that Carl R. Zwerner willfully failed to file FBARS and is liable for penalties in those years.  US v. Zwerner, CA No. 1:13-cv-22082.  Oddly, the jury held that Zwerner willfully failed to file FBARs in 2004, 2005 and 2006, but not in 2007. This is a substantial win for the government.  We will follow up once more is known.

Monday, May 19, 2014

Credit Suisse Is Charged by DOJ

The U.S. filed charges today against Credit Suisse in Virginia for conspiring to help American taxpayers evade  taxes through the use of secret offshore accounts.  The charges were filed as an information indictment that means the defendant agreed to the form of the information indictment pre-filing.  Practically speaking, because an information was filed, it indicates that Credit Suisse and the U.S. have already negotiated a plea agreement; however, it is still subject to the Court accepting the plea and then entering a form of sentence/punishment. 

Thursday, May 15, 2014

Jury Soon to Determine "Willfulness" in FBAR Case

In the case of United States v. Zwerner, a federal jury will determine whether a taxpayer acted willful in the failure to file FBAR reports.  Seldom has this issue been litigated, and not recently.  For international practitioners, this shall be a closely watched outcome.