There is Nowhere to Hide Anymore!

         Finding money hidden in unreported money in accounts outside the United States is a focal point of enforcement efforts at the Internal Revenue Service (IRS). As a result, Offshore Avoidance schemes have earned a place on the 2019 IRS “Dirty Dozen” list. The IRS has stepped up their efforts in finding these kinds of accounts, which has resulted in many millions of dollars in taxes paid due to audits. This has also led to criminal prosecutions.

          There are different reasons why Taxpayer’s in the US would maintain bank accounts in other countries. If you do, they must be declared to the IRS. For those who try to use a variety of ways to get around this requirement and their tax responsibilities, success is much more difficult than it was in the past. Due to their criminal prosecutions, the IRS understands the ways Taxpayer’s and their accomplices go about hiding assets overseas. With the application of the Foreign Account Tax Compliance Act (FACTA), the IRS will actively work with tax agencies all over the world to make sure that they have an accurate reporting of tax obligations in foreign accounts. The time of hiding is over.

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