IRS warns: “Failure to report offshore funds remains a crime”

On 15 March 2019, the U.S. Internal Revenue Service (“IRS”) warns, that hiding money or assets in unreported offshore accounts remains on the Internal Revenue Service’s “Dirty Dozen” list of tax scams for 2019 (Link).

Under the Foreign Account Tax Compliance Act (“FATCA”) and the network of intergovernmental agreements between the U.S. and partner jurisdictions, automatic third-party account reporting continues. The IRS receives more information regarding potential non-compliance by U.S. persons because of the Department of Justice’s Swiss Bank Program. This information makes it less likely that offshore financial accounts will go unnoticed by the IRS.

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