In recent months, we have reported almost weekly regarding the IRS focusing its efforts on various financial institutions in its assault on tax evaders failing to disclose offshore bank accounts. Although each instance stands on its own facts, financial institution names that have appeared recently include Bank Leumi, Bank Hapoalim and Wells Fargo.
At the same time, the IRS is pursuing agreements with foreign governments pursuant to FATCA (the Foreign Account Tax Compliance Act) wherein financial institutions and banks in any participating country will disclose information to the IRS regarding their U.S. depositors.
This week, we report another phase of enforcement for failing to disclose offshore bank accounts for taxpayers who have not entered the Offshore Voluntary Disclosure Program (OVDP) or its predecessor, the Offshore Voluntary Disclosure Initiative (OVDI). The IRS recently disclosed the U.S. is cooperating with the United Kingdom (UK) and Australia to pool their information regarding unreported income from assets held in the Cook Islands, Singapore, the Cayman Islands, and the British Virgin Islands.
Horowitz Law Offices represents clients in connection with the Voluntary Offshore Disclosure Program (OVDP) and matters regarding unreported income, offshore assets, offshore bank accounts, and other related issues.
For more information, please contact Horowitz Law Offices.