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IRS Offers Second Chance to Taxpayers with Undeclared Foreign Holdings
The IRS has “moved East” in its attack on foreign banks and their U.S. customers with undisclosed offshore accounts. On Jan. 26, the DOJ indicted Vaibhave Dahake, an Indian-American businessman in New Jersey, for conspiring with several bankers at “an international bank” to maintain undisclosed accounts with the bank's offshore division, and thereby avoid his U.S. tax obligations. Press reports have identified that international bank as global banking giant HSBC, which has substantial operations in India.
Many observers have long suspected that Asia (particularly India, Hong Kong, Singapore and Korea), as well as Israel and other places outside Europe, are now “where the money is,” and that the number of foreign accountholders in these places dwarfs even the 52,000 who reportedly had accounts with Swiss bank UBS at the time of its tax-evasion controversy in 2008. The IRS is also said to be sifting through the information provided by taxpayers who already made voluntary disclosures to identify other banks to which some UBS accounts were transferred. These institutions are apparently also under scrutiny.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.