TaxEsqBlog -by Ronald J. Cappuccio, J.D., LL.M.(Tax)

Congress Wants to Criminalize Tax Accounts Not satisfied with the draconian civil tax penalties for having an unreported foreign bank account, Congress is trying to make Foreign Tax Crimes a Money Laundering Offense - (subsec. 2(g) of the Fraud Enforcement and Recovery Act of 2009) (S. 386). This means if a US citizen does not reveal a foreign account it could be subject to an expensive prosecution and 20 years in Federal Prison!

Offshore Accounts Get Hammered! The IRS is starting to prosecute UBS customers with Swiss and Offshore accounts that have not reported them. On March 28, the IRS issued a directive making this a high priority. If you are thinking of buying books or consulting services from someone that sells "Asset Protection" by using "secret" offshore accounts and bearer stock, check with your tax lawyer before your do anything!