Monday, March 16, 2015

Criminal Score Getting Worse For Offshore Account Holders!

In our previous post UBS Criminal Casualties, so Far and More Guilty Pleas Over Offshore Accounts in the Works! regarding the U.S. and Swiss Reach a Deal on American Tax Evaders, the IRS hunt for offshore income and accounts continues unabated!

Our other post Criminal Score Card Not Good For Offshore Account Holders!, is a must read for US Taxpayers who have still not addressed their undeclared income from their foreign accounts, discusses H. Ty Warner, the billionaire creator of Beanie Babies plush toys, pleaded guilty to evading taxes on secret Swiss bank accounts that held as much as $107 million and the lists the of Criminal Prosecutions of UBS Clients thus far.

Bloomberg has published Offshore Tax Scorecard: UBS, Credit Suisse, HSBC, Baer which discusses the various prosecution of the various Swiss, Liechtenstein and Israeli Banks and Offshore Tax Crimes Scorecard: Bankers, Lawyers, Advisers which discusses the various prosecution of Bankers, Advisers, Lawyers affiliated with the establishment of noncompliant offshore accounts.

The IRS' hunt for offshore income and accounts is intensifying. See our post IRS Actively Seeking US Tax Dodgers Abroad! which discusses Caroline D. Ciraolo , principal deputy assistant attorney general for policy and planning at the division, statement that

"The Department of Justice Tax Division is ramping up an intense crackdown on offshore tax evasion, and people hiding assets overseas should come forward as soon as possible"

and also discusses that the combination of FATCA reporting, Swiss Banks turning over names of US depositors, the Government's review of US citizens giving up their US passport and expatriating and intensification by DoJ find offshore tax cheats; does not put the odds in favor of US taxpayers who have not done anything to correct their failure to report income from the foreign accounts. 

The IRS said people may be able to run, but they can't hide. The IRS said it is going to have agents all over the world, as they are going to work closely with foreign governments through the information exchange program and the financial institutions.

The U.S. State Department estimates that 7.2 million U.S. citizens live abroad, many of whom surely have reportable bank accounts, yet only a total of 825,000 FBAR reports were filed for 2012.    
Are You One of the > 7 MM Americans
with Unreported Foreign Bank Income?

For Those Who Don't Come Forward 
 before They Are Found, 
Being Found Can Be Awfully Painful!

 Want to know if  the OVDP Program
is right for you?
Contact the Tax Lawyers at 
Marini & Associates, P.A.  
for a FREE Tax Consultation
Toll Free at 888-8TaxAid (888 882-9243888 882-9243 FREE).

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