criminal-defense-news.com » offshore banking accounts http://www.criminal-defense-news.com Florida Criminal Defense News Fri, 26 Feb 2010 18:40:09 +0000 http://wordpress.org/?v=2.8.4 en hourly 1 IRS Amnesty Program for Unreported Offshore Bank Accounts http://www.criminal-defense-news.com/2009/08/irs-amnesty-program-for-unreported-offshore-bank-accounts/ http://www.criminal-defense-news.com/2009/08/irs-amnesty-program-for-unreported-offshore-bank-accounts/#comments Mon, 03 Aug 2009 18:13:37 +0000 horwitz http://www.criminal-defense-news.com/?p=16 Throughout 2008, the IRS placed an increasing amount of pressure on foreign banks servicing American taxpayers in an effort to uncover those individuals keeping unreported, offshore banking accounts. The measures were taken as a result of several instances of fraudulence when certain foreign banks, including TSB Bank and UBS AG Bank, assisted U.S. taxpayers in concealing money from the IRS.

Many U.S. citizens with money in offshore banks worry that the IRS may soon ask for the names of all taxpayers holding offshore assets – even in cases where no fraudulent activity is suspected. Those accused of tax evasion can be prosecuted both federally and locally, and, if convicted, face prison time, fines, penalties and interest on unpaid taxes.

Because of the consequences, it is very important that those accused of tax fraud, or fearing charges, seek the counsel of an experienced attorney. The best attorney will be able to provide specific case advice based on experience, will know the advantages and disadvantages of a specific course of action, and will be able to help the taxpayer fill out paperwork correctly and completely.

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