Is there a difference between trading tickets with a friend for a stay at their vacation home and scalping tickets for a big game? One you might see as a legal trade and the other as obviously illegal. To the IRS there is no difference, all are taxable. If you are casually swapping tickets you might not even think of taxes in such a small, one off trade. But scalping tickets for a huge profit, clearly the IRS is going to want its cut.
What does a Non Prosecution Agreement mean for you? What you need to know and do if your Swiss bank has entered into a Non-Prosecution Agreement Jeffrey S. Freeman, J.D., LL.M Swiss banks are in clean up mode and over 100 banks have opted to enter into a Non-Prosecution Agreement (NPA) with the Department of Justice (DOJ). In doing so the banks are admitting that they may have violated U.S. tax laws and will receive a lesser penalty while resolving any compliance issues.
Did you receive a letter from your Foreign Bank? Well… it might be your last chance to clean up the mess! Foreign banks and foreign financial institutions are rapidly sending letters to account holders that are U.S. persons requesting information to determine whether such account holders have disclosed their foreign accounts to the Internal Revenue Service ("IRS") and have complied with the appropriate U.S. laws. The receipt of these letters creates fear, anxiety, and questions for those that have received them.