IRS After More Records of Offshore Accounts

Offshore AccountsThe more things change in Washington DC, the more things remain the same. Though administrations have changed, the Internal Revenue Service continues its pursuit of information about offshore bank accounts that might be used to hide assets and evade income taxes.


A federal court recently authorized the IRS to use a John Doe summons to get information about Americans who might hold offshore accounts in Panama that are linked to debit cards.


According to a news media report, the IRS is after records from Panama's Sovereign Management & Legal LTD from 2005 to last year. Account holders were issued Sovereign Gold Card debit cards that the federal government believes might have been used to hide assets and evade taxes.


The John Doe summons will be used to get the names of people whose identities are not yet known by the IRS.  


Said IRS Commissioner John Koskinen, "the IRS wants to ensure that certain pre-paid payment card users are meeting their responsibilities to properly pay their taxes," adding that the agency hopes to stop people from repatriating hidden assets and dodging tax obligations.


If you have failed to file a Report of Foreign Bank and Financial Accounts (FBAR) for accounts in Panama, Switzerland or elsewhere, you can speak with a tax attorney who can help you with voluntary disclosure, as well as with negotiations with the IRS and Department of Justice, and the filing of amended returns and FBARs.


Contact the Chicago or Cleveland law offices of the attorneys at Robert J. Fedor, Esq., LLC for more information.

Learn More About Reporting Foreign Assets