U.S. Gets ‘Explosion’ of Data on Undisclosed Swiss Accounts

U.S. Gets ‘Explosion’ of Data on Undisclosed Swiss Accounts
by Laura Saunders, wsj.com

As evidenced by the article above, the IRS is heating up on offshore tax evasion. More banks are settling and agreeing to disclose US taxpayers.

The IRS is getting a treasure trove of US taxpayer information and will be focused on auditing those US taxpayers who did quiet tax filings (i.e. filed amended tax returns, reported the undisclosed foreign accounts, and unreported income without addressing penalty or criminal tax issues.

The filing of an amended tax return declaring unreported income previously may be used as evidence by the IRS that the original tax return was a fraudulent tax return with both civil and criminal penalties.

For any US taxpayers who are in this predicament please send me an e-mail (no-names basis) describing your tax issues and I will advise you if I can be of help. Please send to gsw@gswlaw.com.

Thank you.


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