Logo Tax Samaritan
GET A FREE TAX QUOTE
Call Us: 775-305-1040
Login
About Tax Samaritan Satisfaction Guarantee Tax Samaritan’s Proven Results Tax Security Statement Why an enrolled agent?
Tax Resolution Solutions Back Tax Returns Back Taxes Owed Bankruptcy Innocent Spouse Relief Installment Agreement IRS Collection Process IRS Tax Appeal – The Latest On What You Need To Know IRS Tax Lien Offer In Compromise Penalty Abatement Tax Audit
Tax Preparation Services
Form 5471 - Foreign Corporations Form 8858 - Foreign Disregarded Entity Form 8865 – Foreign Partnership Form 8992 - GILTI (Global Intangible Low-Taxed Income)
Filing Requirements For U.S. Taxpayers Living Abroad FinCen Form 114 - Foreign Bank Account Reporting (FBAR) Foreign Pensions Form 1040-NR - Nonresident Alien Income Tax Return Form 1116 - Foreign Tax Credit
Foreign Earned Income Exclusion - Form 2555 Bona Fide Residence Test Physical Presence Test
Form 3520 - Foreign Gift Disclosure Form 8621 - PFIC (What Is A PFIC?) Form 8833 - Treaty-Based Return Position Disclosure Form 8938 - FATCA Reporting Form W-7 - ITIN Application (Certified Acceptance Agent) Totalization Agreements
Non Resident Tax Return Preparation
The Basics of Investing Wealth Management Advantage Wealth Management Issues Wealth Management Planning Process Wealth Management Services
Tax Samaritan’s Tax Process Get a Free, No-Obligation Tax Quote
Tax Blog Webinars
5 Questions To Ask Tax Resolution Firms Americans Behind on their FBAR Disclosures Americans Behind on their U.S. Taxes Digital Nomads Entrepreneurs & Business Owners Expat Tax Guide FBAR Reference Guide Fresh Start Military Contractors Guide PFIC Guide Retiring Abroad Teaching Abroad
Austria Australia Bermuda Brazil Canada Cayman Islands China Colombia Costa Rica Czech Republic Denmark France Finland Germany Hong Kong Iceland India Ireland Israel Italy Japan Macau Mexico Netherlands New Zealand Norway Panama Philippines Portugal Qatar Saudi Arabia Singapore South Korea Spain Sweden Switzerland Taiwan Thailand UAE United Kingdom
Frequently Asked Questions – FAQ
Foreign Exchange Service Health Reimbursement Account Mail Forwarding Service Other Expat Resources
Refer-A-Friend Referral Partner Program Tax Filing Deadline
Contact Us
Logo Tax Samaritan
GET A FREE TAX QUOTE Call Us: 775-305-1040
About Tax Samaritan Satisfaction Guarantee Tax Samaritan’s Proven Results Tax Security Statement Why an enrolled agent?
Tax Resolution Solutions Back Tax Returns Back Taxes Owed Bankruptcy Innocent Spouse Relief Installment Agreement IRS Collection Process IRS Tax Appeal – The Latest On What You Need To Know IRS Tax Lien Offer In Compromise Penalty Abatement Tax Audit
Tax Preparation Services
Form 5471 - Foreign Corporations Form 8858 - Foreign Disregarded Entity Form 8865 – Foreign Partnership Form 8992 - GILTI (Global Intangible Low-Taxed Income)
Filing Requirements For U.S. Taxpayers Living Abroad FinCen Form 114 - Foreign Bank Account Reporting (FBAR) Foreign Pensions Form 1040-NR - Nonresident Alien Income Tax Return Form 1116 - Foreign Tax Credit
Foreign Earned Income Exclusion - Form 2555 Bona Fide Residence Test Physical Presence Test
Form 3520 - Foreign Gift Disclosure Form 8621 - PFIC (What Is A PFIC?) Form 8833 - Treaty-Based Return Position Disclosure Form 8938 - FATCA Reporting Form W-7 - ITIN Application (Certified Acceptance Agent) Totalization Agreements
Non Resident Tax Return Preparation
The Basics of Investing Wealth Management Advantage Wealth Management Issues Wealth Management Planning Process Wealth Management Services
Tax Samaritan’s Tax Process Get a Free, No-Obligation Tax Quote
Tax Blog Webinars
5 Questions To Ask Tax Resolution Firms Americans Behind on their FBAR Disclosures Americans Behind on their U.S. Taxes Digital Nomads Entrepreneurs & Business Owners Expat Tax Guide FBAR Reference Guide Fresh Start Military Contractors Guide PFIC Guide Retiring Abroad Teaching Abroad
Austria Australia Bermuda Brazil Canada Cayman Islands China Colombia Costa Rica Czech Republic Denmark France Finland Germany Hong Kong Iceland India Ireland Israel Italy Japan Macau Mexico Netherlands New Zealand Norway Panama Philippines Portugal Qatar Saudi Arabia Singapore South Korea Spain Sweden Switzerland Taiwan Thailand UAE United Kingdom
Frequently Asked Questions – FAQ
Foreign Exchange Service Health Reimbursement Account Mail Forwarding Service Other Expat Resources
Refer-A-Friend Referral Partner Program Tax Filing Deadline
Contact Us
Login

Home » Tax Samaritan Blog » Expat Tax Solutions » Expatriate Tax » Foreign Bank Account Reporting (FBAR) » Cayman Island Offshore Accounts – Why You Need To Be In Full Compliance Now

Cayman Island Offshore Accounts – Why You Need To Be In Full Compliance Now

March 13, 2016
By Randall Brody
Cayman Island Offshore Accounts

Two Cayman Island Financial Institutions Plead Guilty in Manhattan Federal Court to Conspiring to Hide More Than $130 Million in Cayman Island Offshore Accounts

U.S. Attorney Preet Bharara for the Southern District of New York, Acting Deputy Assistant Attorney General Stuart Goldberg of the Justice Department’s Tax Division, and Chief Richard Weber for the Internal Revenue Service – Criminal Investigation, (IRS-CI), announced today the guilty pleas of two Cayman Island Financial Institutions hiding assets held by U.S. taxpayers in their Cayman Island Offshore Accounts.

(CNS) and Cayman National Trust Co. Ltd. (CNT), two Cayman Island affiliates of Cayman National Corporation, which provided investment brokerage and trust management services to individuals and entities within and outside the Cayman Islands, including citizens and residents of the United States (U.S. taxpayers).

CNS and CNT pleaded guilty to a criminal Information charging them with conspiring with many of their U.S. taxpayer-clients to hide more than $130 million in offshore accounts from the U.S. Internal Revenue Service (IRS) and to evade U.S. taxes on the income earned in those Cayman Island Offshore Accounts.

CNS and CNT entered their guilty pleas pursuant to plea agreements requiring the companies to, among other things, produce through the treaty process account files of non-compliant U.S. taxpayers who maintained accounts at CNS and CNT, and pay a total of $6 million in financial penalties. The plea proceeding took place today before the Honorable U.S. District Judge Thomas P. Griesa for the Southern District of New York.

At Tax Samaritan, we remind all US expat taxpayers to maintain full compliance regarding the disclosure of not only Cayman Island Offshore Accounts, but all foreign accounts, foreign trusts and income earned thereof on their US tax return.

Our goal at Tax Samaritan is to provide the best counsel, advocacy and personal service for our clients. We are not only tax preparation and representation experts, but strive to become valued business partners. Tax Samaritan is committed to understanding our client’s unique needs; every tax situation is different and requires a personal approach in providing realistic and effective solutions.
If you would like a quote, please click on the button below for a free, no obligation Tax Preparation quote and/or free 30-minute consultation to discuss your situation regarding offshore accounts and declaring accounts on the FBAR (FinCen Form 114) further:

Tax Samaritan is a team of Enrolled Agents with over 25 years of experience focusing on US tax preparation and representation. We maintain this tax blog where all articles are written by Enrolled Agents. Our main objective is to educate US taxpayers on their tax responsibilities and the selection of a tax professional. Our articles are also designed to help taxpayers looking to self prepare, providing specific tips and pitfalls to avoid.

When looking for a tax professional, choose carefully. We recommend that you hire a credentialed tax professional such as Tax Samaritan that is an Enrolled Agent (America’s Tax Experts). If you are a US taxpayer overseas, we further recommend that you seek a professional who is experienced in expat tax preparation, like Tax Samaritan (most tax professionals have limited to no experience with the unique tax issues of expat taxpayers).

Randall Brody is an enrolled agent, licensed by the US Department of the Treasury to represent taxpayers before the IRS for audits, collections and appeals. To attain the enrolled agent designation, candidates must demonstrate expertise in taxation, fulfill continuing education credits and adhere to a stringent code of ethics.

Every effort has been taken to provide the most accurate and honest analysis of the tax information provided in this blog. Please use your discretion before making any decisions based on the information provided. This blog is not intended to be a substitute for seeking professional tax advice based on your individual needs.

  • Twitter
  • Facebook
  • LinkedIn
  • Pinterest

All About Randall Brody
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam sed augue iaculis, dictum odio vitae, varius turpis. Aenean sit amet magna in sapien convallis fringilla vel vitae sem.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Select Categories
  • Expat Tax Country Guide
  • Expat Tax Resolution
  • Expat Tax Solutions
  • Expat Teacher
  • Expatriate Tax Preparation
  • Foreign Bank Account Reporting (FBAR – FinCen Form 114)
  • Foreign Currency
  • Forms
  • General
  • Wealth Management
Popular Articles
  • US Expat Tax In Bermuda – Ultimate Tax Advice You Need To Know
  • 5 Ways to Avoid Double Taxation for Foreign Entrepreneurs
  • Expat Tax In Singapore – Ultimate Tips You Need To Know
Our Newsletter
  • This field is for validation purposes and should be left unchanged.

White Logo

We Are The Highest Rated US Expat Tax Firm With Over 10,000+ Clients Worldwide.

Facebook LinkedIn Twitter
Quick Links Section
  • Privacy Policy
  • Newsletter sign up
Our Services
  • Expat Tax Solutions
  • U.S. Expatriate Tax – This Is The Latest Info You Need for Expat Taxes
  • Tax Resolution Services – How To Make Your Problems Go Away
  • Expat Tax & Financial Planning
  • Webinars
Subscribe to Newsletter
  • This field is for validation purposes and should be left unchanged.

© 2023 Tax Samaritan · All Rights Reserved