Jul. 8, 2016
Be careful out there when it comes to offshore accounts
The Government Accountability Office has been urging the IRS to go after offshore accounts even more aggressively.
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.
First time reporters of offshore accounts have skyrocketed. In part, it is due to FATCA, America's Foreign Account Tax Compliance Act, which makes foreign banks turn over names of American account holders to the Internal Revenue Service. The effect has already been palpable, and it's likely to get worse.
In fact, the Government Accountability Office (GAO) has been urging the IRS to go after offshore accounts even more aggre...
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