IRS Targets Overseas Accounts

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The IRS has set their aim at the wealthy taxpayers who maintain overseas bank accounts flled with undeclared taxable money. At the same time, the IRS is developing regulations that would require overseas banks to divulge information on their customers suspected of tax evasion.

One of the new IRS regulations sees the IRS directing foreign banks to focus more on customers who have in excess of $500,000 in their bank accounts and with private banking arrangements rather than those with only $50,000 or less. IRS regulations were passed by Congress last year and takes effect in 2013. These regulations compel foreign banks to inform the IRS about US account holders' details as part of continuous efforts to eradicate offshore tax evasion. Banks based outside the US face 30% withholding tax on certain payments from inside the US if they do not release the required information with the IRS.

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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

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