Saturday, December 27, 2014
Foreign Banks Blacklisted by the IRS
As part of the IRS' billion dollar effort to combat the war on offshore tax evasion the IRS has blacklisted certain Foreign Financial Institutions or Facilitators. Thus, anyone who has assets at these foreign banks and who fails to properly report and account for these assets will pay 50% of the offshore penalty within the IRS Offshore Voluntary Disclosure Program and have a higher chance of criminal prosecution if they do not participate in the Offshore Voluntary Disclosure Program.
Click here to view the list of bad boy foreign banks
If you want to speak to a Tax Attorney who knows the offshore and foreign asset reporting rules and ways to minimize the exposure related to these offshore activities, feel free to contact the Wilson Tax Law Group at 714-463-4430.