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Jim Mastracchio Co-Chairs BakerHostetler’s National Tax Controversy Practice and he is the Tax Group Coordinator for the firm’s Washington, D.C., office. Mr. Mastracchio focuses his practice on civil and criminal tax controversy and litigation matters. In civil tax controversy, he handles a broad range of tax disputes before the various examination divisions of the IRS, the IRS Office of Appeals and in federal courts. Mr. Mastracchio is nationally recognized for his work on international tax enforcement matters, off-shore bank account investigations and informational reporting obligations associated with off-shore holdings. He also counsels professionals facing tax return preparation penalties, tax promoter penalties and civil forfeitures and injunctions.

As a Core Team Leader for BakerHostetler’s Criminal Tax Defense Team, Mr. Mastracchio represents clients facing criminal tax investigations and criminal tax prosecutions. Recent representations have included tax shelter promotion, off-shore bank account investigations, criminal tax evasion, trust fund violations, false return and failure to file investigations, as well as allegations of criminal FBAR violations. Mr. Mastracchio also represents taxpayers facing criminal monetary structuring, obstruction and tax conspiracy charges. He is the author of “Best Practices for Managing Tax Investigations,” Inside The Minds: Common Issues in White Collar Law, Thomson West Publishing (2007).

Mr. Mastracchio is a frequent speaker and panelist on civil and criminal tax matters and has been extensively quoted in legal publications and in the national media. Mr. Mastracchio holds a number of awards, including being cited as a leading national tax controversy attorney in U.S. Legal 500 Litigation Guide. He chairs the Monetary Penalties and Forfeitures Subcommittee of the American Bar Association’s Civil and Criminal Tax Penalties Section and is a Committee Member of the New York State Bar Association’s Tax Compliance, Practice and Procedure Committee. Mr. Mastracchio is a Certified Public Accountant who practiced with a top international accounting firm prior to his legal career.

Off-Shore Voluntary Disclosures and FATCA Compliance

Mr. Mastracchio has represented hundreds of taxpayers with previously undisclosed off-shore accounts who successfully made voluntary disclosures to the U.S. authorities. With the recent passage of FATCA, and given Mr. Mastracchio’s considerable experience in off-shore account reporting, he has been asked to consult and advise foreign financial institutions and foreign governmental officials regarding the implementation of FATCA, pending FATCA Treasury Regulations, FATCA intergovernmental agreements and notifications to customers of foreign financial institutions of their U.S. income tax and informational reporting obligations.

National Media Comments and Quotes

Mr. Mastracchio is frequently asked to comment on topics related to the IRS’ Off-Shore Voluntary Disclosure Programs, FATCA and on developments in criminal tax enforcement. His more recent articles and comments in the national media include:

• “Tax Evasion: Guilty Plea in Israeli Bank Case Viewed As Signal of Expanding U.S. Investigations,” Bloomberg BNA Daily Tax Report (March 7, 2013)
• “Wegelin’s guilty plea changes face of private banking,” Private Asset Management Magazine (February 2013)
• “Bill Targeting Tax Loopholes Could Leave Companies Exposed,” The Wall Street Journal (February 13, 2013)
• “Navigating Between Tax Avoidance and Evasion,” New York Times (February 11, 2013)
• “FATCA Enlists Other Countries in the Fight Against U.S. Tax Cheats,” Compliance Week (January 29, 2013).
• “NTA Urges Tax Code Reform; Calls Into Question Effectiveness of IRS Offshore Disclosure Program,” CCH Standard Federal Tax Reports (January 17, 2013)
• “New Jersey Businessman With NRI Account Pleads Guilty to Using Offshore Bank Accounts to Defraud the U.S. and Pays $2.37 Million FBAR Penalty,” MarketWatch (January 15, 2013) 
• “Tough U.S. crackdown on tax evaders forces Swiss bank to shut down,” The West Australian, Reuters (January 6, 2013)
• “The U.S. Government Has Raised The Stakes In Its Crackdown On Swiss Banks,” Reuters (January 4, 2013)
• “Wegelin Pleads Guilty to Conspiring To Hide Assets in Secret Swiss Accounts,” Bloomberg BNA Daily Tax Report (January 4, 2013)
• “Swiss Bank Wegelin Pleads Guilty to Conspiracy to Evade Tax,” Tax Analysts Tax Notes Today (January 3, 2013)
• “Swiss Bank Guilty Plea Result of Rising Global Financial Transparency,” Chicago Tribune (January 3, 2013)
• “Cayman Outlines FATCA Progress at Compliance Conference,” Tax Analysts Tax Notes Today (October 18, 2012)
• “Two Recent IRS Developments Impact Indian Americans,” The Economic Times (September 10, 2012)
• “Seventh Circuit Finds Required Records Doctrine Mandates Production Of Foreign Account Records,” CCH Standard Federal Tax Reports (September 6, 2012)
• “IRS Streamlines Tax Compliance Procedures for Nonresident Taxpayers,” Reuters, FoxNews, NBC (September 4, 2012)
• “Targets of Investigations Can’t Plead Fifth to Protect BSA Data, Court Say,” ACAMS Antimoneylaundering (August 31, 2012)
• “Wisconsin Surgeon Convicted in Connection With HSBC India Account,” Tax Analysts Tax Notes Today (August 28, 2012)
• “FBAR Penalty Case Reversal Raises Questions About Civil Willfulness Standard,” Tax Analysts Tax Notes Today (July 24, 2012)
• “Fourth Circuit Finds Failure To File FBAR Was Willful; Upholds Civil Penalties,” CCH Standard Federal Tax Reports (July 20, 2012)
• “Self-Serving Concessions and Penalty Avoidance,” Tax Analysts Tax Notes Today (March 26, 2012)
• “Practitioners Say Intergovernmental FATCA Framework Carries Promise, Challenges,” Bloomberg BNA Daily Tax Report (March 15, 2012)
• “New FATCA Rules Answer Many Questions, But Uncertainty Remains, Mastracchio Says,” Bloomberg BNA Daily Tax Report (February 24, 2012)
• “Easier Tax Rules Proposed for Overseas Banks,” Washington Post (February 3, 2012)
• “Extension of Time to Enter the IRS Offshore Voluntary Disclosure Initiative – Proving Helpful for Taxpayers with Accounts in India,” MarketWatch, FoxNews, CNN and CBS (September 2, 2011)
• “Extension of Time to Enter the IRS Offshore Voluntary Disclosure Initiative - Proving Helpful for Taxpayers with Accounts in India,” Reuters (August 31, 2011)
• “Voluntary Disclose Your Offshore Accounts, or Else,” The New York Times (August 26, 2011)
• “Taxpayers Fear Disclosing Offshore Assets As Deadline Approaches, Practitioners Say,” BNA Daily Tax Reports (August 15, 2011)
• “Practitioners Assess Offshore Initiative as Deadline Approaches,” Tax Analysts Tax Notes Today (August 15, 2011)
• “Reduced IRS Penalties Imposed on U.S. Taxpayers Living Abroad,” Washington Business Journal (June 6, 2011)
• “Justice Department Seeks John Doe Summons For HSBC India,” Tax Analysts Tax Notes Today (April 8, 2011)
• “Tax Evasion-DOJ Seeks John Doe Summons on Data On HSBC India Accounts of U.S. Residents,” BNA Daily Tax Reports (April 8, 2011)
• “How Do FAQs Fit Into the Guidance Puzzle?” Tax Analysts Tax Notes Today (April 4, 2011)
• “Bar To Arguing Non-Willfulness Under Offshore Disclosure Programs Creates Concerns,” CCH Federal Tax Weekly (March 31, 2011)
• “Hiding Money Overseas? You’re Taking a Big Chance,” The New York Times (February 4, 2011)
• “A Second IRS Amnesty for Offshore Accounts,” The New York Times (January 24, 2011)
• “IRS To Announce Another Voluntary Disclosure Program for Taxpayers With Undeclared Foreign Accounts,” CNBC (January 24, 2011)
• “U.S., Switzerland Say Deadline for Processing UBS Accounts Met, Handover Not Yet Done,” BNA Daily Tax Report (August 27, 2010)
• “Deadline for UBS to Hand Over Names Seen Marking Changed Landscape for Disclosures,” BNA Daily Tax Report (August 24, 2010)
• “UBS to Release Additional 4,500 U.S. Accounts,” CNBA (August 4, 2010)
• “Voluntary Offshore Account Disclosures Nearly Twice Initial Estimate, Shulman Says,” CCH Federal, 2009 TAXDAY (November 18, 2009)
• “IRS Considering Additional Deadline in Voluntary Disclosure Program, Official Says,” Tax Analysts (October 27, 2009)
• “Deadlines Approach for Taxpayers on Extension, Offshore Disclosure Initiative,” CCH Standard Federal Tax Reports, Vol. 96, No. 43 (October 8, 2009)
• “IRS Extends Deadline for Offshore-Bank Users to Confess,” USA Today (September 21, 2009)
• “Swiss To Share UBS Account Information; IRS May Gain Access to 4,450 Accounts,” CCH Standard Federal Tax Reports, Vol. 96, No. 34 (August 27, 2009)
• “UBS to Disclose Details of 4,450 Account in U.S. Tax Evasion Case,” The Independent (August 20, 2009)
• “U.S., Switzerland Resolve UBS Dispute; Number of Account Holders to Be Revealed Unclear,” CCH-News Federal, 2009 TAXDAY (August 20, 2009)
• “IRS, UBS Reach Tax Probe Settlement; Terms Not Yet Disclosed,” CCH Standard Federal Tax Reports, Vol. 96, No. 36, Report 35 (August 20, 2009)
• “IRS and UBS Settle John Doe Summons With Substantially All Accounts Being Released,” Press Release (August 19, 2009)
• “IRS Extends FBAR Deadline; Reiterates Foreign Hedge Fund Reporting Requirement,” Federal Tax Weekly, Issue No. 27 (July 9, 2009)
• “IRS Extends Deadline for Filing FBAR,” WebCPA (June 26, 2009)
• “IRS Issues Second Round of Frequently Asked Questions for Voluntary Disclosure of Off Shore Accounts,” Press Release (June 25, 2009)
• “Connecticut and Maryland Offer State Tax Amnesty Programs,” The National Law Journal (May 28, 2009)
• “States Offer Attractive Voluntary Disclosure Options For Off-Shore Account Holders,” Press Release (May 27, 2009)
• “IRS Releases FAQs on Offshore Compliance Initiative; Monitors Amended Returns for “Quiet” Disclosures,” CCH Standard Federal Tax Reports, Vol. 96, No. 22, Report 21 (May 14, 2009)
• “IRS Issues Frequently Asked Questions for Voluntary Disclosure of Offshore Accounts,” Press Release (May 7, 2009)
• “U.S. Offers Tax Deal for Holders of Off Shore Accounts,” AFP (March 29, 2009)
• “New Lenient IRS Penalty Structure Encourages Voluntary Disclosure of Offshore Bank Accounts,” Reuters (March 26, 2009)
• “IRS Seduces Off Shore Account Holders,” Press Release (March 26, 2009)
• “Come Clean, Tax Lawyer Advises U.S. Expats,” The Swisster (March 2, 2009) PDF Version