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Posts tagged "Treasury Department"

Watch Out for Venezuelan Officials Laundering Money!

The Treasury Department's Financial Crimes Enforcement Network (FinCEN) has issued an advisory alert for financial institutions concerning the potential flow of money from Venezuela to the United States due to political instability surrounding widespread corruption in the South American nation.

California Luxury Counties Targeted by the Treasury Department

The Financial Crimes Enforcement Network (FinCEN) announced on August 22, 2017 that it will be targeting shell companies purchasing luxury properties for $2 million or more in the California counties of San Diego, Los Angeles, San Francisco, San Mateo, or Santa Clara. Luxury property purchases in certain counties in Texas, Florida, New York, and Hawaii will also be under scrutiny per FinCEN's recent Geographic Targeting Order.

U.S. and Switzerland Sign Bilateral Agreement to Implement FATCA, Tax Compliance and Combat International Tax Evasion

The U.S. crackdown on tax evasion continues. On February 14, 2013, the U.S. Treasury Department announced that Switzerland and the United States have signed an agreement to make Swiss banks disclose more information about U.S. account holders.

U.S. Eyes Crackdown on Foreigners' Accounts in U.S. Banks

Reuters is reporting that the current administration may soon ask Congress to require U.S. banks to disclose more information regarding foreign clients' account information. The Treasury's concentrated effort, on information-sharing, stems from the Foreign Account Tax Compliance Act (FATCA), which is set to take effect at the end of 2013.

IRS gets audited by Treasury Department

When it comes to audits, the American taxpayer is not the only one that can face challenges. According to recent news reports, the IRS itself has been audited by the Treasury Department and the results indicate problems. The audit conducted was for the 2011 tax year and documented that over $5 billion in tax refunds may have been delivered to identity thieves. California taxpayers beware!

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