Back in April 2015, we alerted that the DOJ was starting a new program as part of its relentless pursuit of not only taxpayers who have unreported offshore holdings, but also the banks harboring the assets and concealing the names of accountholders. Well, guess what? A former U.S. citizen residing in Switzerland pleaded guilty to one count of filing a false income tax return.
The U.S. Department of Justice briefed the case earlier this month and notes that, “IRS Criminal Investigation will continue to pursue those who do not pay the taxes they owe to the United States,” said Special Agent in Charge Thomas Jankowski of the Internal Revenue Service-Criminal Investigation, Washington, D.C. Field Office. “Today’s plea is a reminder that we are committed to following the money trail across the globe and will not be deterred by the use of sophisticated international financial transactions that hide the real ownership of income taxable by the United States.”
If you are concerned about your offshore accounts and how you are filing your federal income tax return; and to determine what is best for you, your family and your assets, sit down with Cleveland tax attorneys who understand not only the nuances of the law, but also its short- and long-term repercussions.