The Wall Street Journal reports that the IRS is dedicating an entire division to investigate and pursue offshore tax evaders:
For anyone who wonders if the Internal Revenue Service is done with offshore accounts now that it got its UBS AG (UBS) settlement, there’s this.
The agency has started putting together a new group to focus on international tax issues, including offshore bank accounts used to evade taxes.
Voluntary Disclosure Practice Reminder:
Taxpayers have just 19 days left to file for participation in the IRS’s voluntary disclosure program (VDP).
September 23, 2009 is the last day for foreign investors to amend their tax returns to include previously unreported income and file the appropriate FBAR disclosure forms.
Filing under the VDP will prevent criminal prosecution and greatly reduce the amount of fraud and other penalties assessed.
As my friend Joe Kristan said:
Folks pondering whether to own up to their offshore accounts need to get in touch with their lawyers quickly. Three weeks isn’t a long time.
3 responses so far ↓
1 Foreign Tax Information Sharing Agreement: U.S. & Monaco // Sep 9, 2009 at 12:41 am
[...] Offshore Tax Fraud: IRS Creates New Division [...]
2 IRS Reveals UBS Disclosure Criteria // Nov 17, 2009 at 12:50 pm
[...] Offshore Tax Fraud: IRS Creates New Division [...]
3 Required Reading: Foreign Bank Account Rules for Tax Advisors // Feb 12, 2010 at 10:04 am
[...] Offshore Tax Fraud: IRS Creates New Division [...]
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