Thursday, July 7, 2016

US Offshore Tax Cheats Who Lied on Their Streamline Corrective Filings May Do Jail Time!

Bloomberg's article America’s Offshore Tax Cheats Are Feeling the Heat Once Again 
reports that U.S. taxpayers who entered into an IRS program that made it easier to disclose their hidden offshore bank accounts may have thought they put their legal troubles behind them.

 Instead, Prosecutors May Try To Put Some Of Them
In Jail For Not Telling All!
 We’re “taking all of that data and scrubbing it for leads,” Nanette Davis, a trial attorney in the Justice Department’s tax division, said at the New York University Tax Controversy Forum last week.   
The Effort Has Been Fruitful Already,
she said. With some taxpayers,
“We Say We Could Indict This Case Tomorrow,”
said Davis, who is overseeing the review.

The risk of being scrutinized falls on those taxpayers who came forward under the government’s so-called Streamlined Program. Those living in the U.S. paid penalties of 5 percent of their undisclosed offshore assets, while overseas residents paid none.

It’s been clear to us as tax advisers that the Justice Department might prosecute people who lied in their streamlined declarations.

IRS trial attorney John C. McDougal suggested at the conference that the review of the streamlined submissions isn’t as dire as Davis made it sound because they’re being looked at in the same way as other tax returns. The IRS has begun formal examinations in some of the cases, he said.
 Do You Have Undeclared Offshore Income?

 Want to Know if the Streamlined Program is Right for You?
Contact the Tax Lawyers at 
Marini& Associates, P.A.  
for a FREE Tax Consultation
or Toll Free at 888-8TaxAid (888) 882-9243


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