The Crackdown On Undeclared Foreign Bank Accounts

Law360, New York (April 12, 2011, 1:27 PM EDT) -- The U.S. government shows no sign of easing the pressure on foreign banks and tax haven jurisdictions that are believed to facilitate international tax evasion by U.S. taxpayers through the use of secret bank accounts. Internal Revenue Service Commissioner Douglas H. Shulman has stated publicly that “[c]ombating international tax evasion is a top priority for the IRS,” and warned that “[w]e have additional cases and banks under review. The situation will just get worse in the months ahead for those hiding assets and income offshore.”...
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