GAO Report: Where Offshore Tax Evaders Live And Bank

by Ashlea Ebeling,

Congress is on a roll, trying to track down hidden offshore accounts, and the latest news is a report that shows which states have the most taxpayers disclosing such accounts (California is No. 1), and where they are located (Switzerland is tops). All told, taxpayers in at least 45 states and the District of Columbia reported accounts in 68 countries and territories.

The new U.S. Government Accountability Office report: “IRS’s Offshore Voluntary Disclosure Program: 2009 Participation by State and Location of Foreign Bank Accounts,” is a supplement to its March 2013 report, “Offshore Tax Evasion: IRS Has Collected Billions of Dollars, but May be Missing Continued Evasion.”

The Top 7 States were:

California  2,524  24%
New York  1,884  18%
Florida  1,022  10%
New Jersey  631  6%
Texas  512  5%
Massachusetts  307  3%
Illinois  291  3%

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