Government Runs Its Record to 4-0 in Compelling Production of Records of Offshore Bank Accounts

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On February 7, 2013, the U.S. Court of Appeals for the Eleventh Circuit joined “the three of our sister circuits that have considered the same issue here about foreign financial account records and conclude that the subpoenaed records fall within the Required Records Exception.” In other words, taxpayers in the Fifth, Seventh, Ninth, and Eleventh Circuits have no recourse to the Fifth Amendment privilege against self-incrimination to resist producing records of their undeclared offshore bank accounts to the government.  The full citation is IN RE: Grand Jury Proceedings, No. 4-10 (11th Cir. February 7, 2013). Every circuit that has considered the Required Records Exception in the context of offshore bank accounts has now ruled in the government’s favor.

For more information on the government’s offshore enforcement efforts, FBAR penalties, and the IRS’s Offshore Voluntary Disclosure Program (OVDP), please contact Jim Mastracchio at (202) 861-1650 (Jmastracchio@bakerlaw.com) or Jay Nanavati, (202) 861-1747 (jnanavati@bakerlaw.com), Baker Hostetler LLP, 1050 Connecticut Ave., Washington, DC 20036 (www.bakerlaw.com).

Topics:  Document Productions, FBAR, Foreign Bank Accounts, IRS, Motion to Compel, Offshore Funds, OVDP

Published In: Civil Procedure Updates, Finance & Banking Updates, International Trade Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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