Tax
Nov. 30, 2012
Expect more prosecutions for offshore accounts
More prosecutions against offshore account holders are likely in the works - even where there has been no indication that the federal government is pursuing a particular insitution.
Robert W. Wood
Managing Partner, Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
In 2009, UBS paid $780 million to the Internal Revenue Service and changed Swiss banking forever by handing over the names and details of American account holders. Many other banks in Switzerland and elsewhere have followed suit, some quietly, some not. IRS amnesty programs in 2009, 2011 and today have offered a way of correcting past failures and insuring that the process is handled civilly with no criminal tax exposure.
Generally, A...
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