Wednesday, December 2, 2015

Its Official - The the 5th Amendment DOES NOT Trump the Required Records Doctrine!

On Tuesday, October 27, 2015, we posted US Supreme Court Asked to Consider Whether the 5th Amendment Trumps the Required Records Doctrine? were we discussed the Third Circuit ruling that a married couple must turn over their foreign bank account records to the Internal Revenue Service, saying the couple can’t shield themselves by asserting their Fifth Amendment right against self-incrimination.
This comes after our post "Fifth Amendment Does Not Apply to Offshore Banking Records," where we discuss that under the Required Records Doctrine, and a taxpayer who is the subject of a grand jury investigation into his use of offshore bank accounts cannot invoke the privilege to resist compliance with a subpoena seeking records kept pursuant to the Bank Secrecy Act, the U.S. Court of Appeals for the Seventh Circuit ruled Aug. 27 (In re Special February 2011-1 Grand Jury Subpoena Dated September 12, 2011, 7th Cir., No. 11-3799, 8/27/12). 
Now the Supreme Court has declined to review a decision of the Court of Appeals for the Third Circuit which held that the "required records" exception to the Fifth Amendment privilege against self-incrimination applies to allow IRS to summon foreign bank account records. (See Chabot, 577 U.S. 15-454, cert denied 11/30/2015). 
Do You Have Undeclared Income from an Offshore Bank?

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