Hardly a day passes when we do not hear of yet another country entering agreements with the IRS that have the effect of requiring financial institutions in those countries to make various disclosures to the IRS regarding U.S. taxpayers’ offshore bank accounts.
Recently there have been announcements regarding Barclay’s private bank in Switzerland. Last week, the U.S. and Canada signed a tax information sharing agreement.
All of this is in addition to the IRS ongoing investigations of 14 Swiss banks targeted for assisting U.S. taxpayers to avoid U.S. taxation.
What is clear is rather than be content with the level of their investigation of undisclosed foreign bank accounts, the IRS is intensifying their activities aimed at uncovering unreported accounts and unreported income.
Horowitz Law Offices represents taxpayers before the IRS in connection with offshore accounts/assets, participation in the IRS voluntary disclosure programs, tax audits, and other tax matters. You are welcome to contact us at (312) 787-5533 or firstname.lastname@example.org