IRS Targets More Offshore Tax Cheats

more+
less-

Arising from the IRS’ successful effort to collect taxes from overseas bank accounts, in particular those held in Swiss bank UBS AG, the agency is now mulling replicating the steps taken with other overseas banks and financial centers. In the long drawn affair with UBS, the IRS managed to collect taxes on about $20 billion stashed in thousands of bank accounts that earned UBS $200 million a year.

Now the IRS is targeting other countries beyond Switzerland. At the same time, according to IRS Commissioner Doug Shulman, the agency is mulling having another amnesty period similar to the last one that ended in October 2009. This amnesty period will allow American taxpayers who have not been declaring their offshore assets to voluntarily step forward to declare them in exchange for a dismissal of criminal prosecution by the IRS. The IRS estimates that there are 2 million Americans with undeclared overseas bank accounts resulting in $100 billion a year in unpaid tax revenue to the US Treasury.

Please see full article below for more information.

LOADING PDF: If there are any problems, click here to download the file.


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.

© Darrin Mish, Tampa Tax Attorney, The Law Offices of Darrin Mish, P.A. | Attorney Advertising

Written by:

more+
less-

The Law Offices of Darrin Mish, P.A. on:

JD Supra Readers' Choice 2016 Awards
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×
Loading...
×
×