Your Offshore Account May Get You into Tax Trouble
Posted by | Posted on 07-01-2012
The IRS has so far conducted two voluntary disclosure programs in order to recoup tax money from offshore financial accounts that has been unpaid. As a result, the agency collected about nearly $3 billion in taxes, interest and penalties from 30,000 taxpayers that participated in the disclosure programs as of September 2010. If you have an offshore bank account in which you hide taxable income, beware because the law is fast catching up with you.
In the past, many people hide their income in Swiss bank accounts because of the Swiss banking laws that allow secrecy.