Pharma Investments, Ventures & Law Weekly
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Rubinstein & Rubinstein, Llp
'Secret' Offshore Accounts Targeted by I.R.S., but There Are ways to Limit Risk
December 28th, 2008
The I.R.S. today signed an agreement with the government of Liechtenstein whereby Liechtenstein will exchange information pursuant to I.R.S. audits. At the same time, the current legal challenges against UBS, HSBC and Credit Suisse for aiding tax fraud have placed U.S. owners of undisclosed "secret" foreign bank accounts at serious risk of I.R.S. prosecution. This is especially true for U.S. owners of Swiss accounts. Beneficial owners of undisclosed foreign accounts must therefore give immediate consideration to minimizing the risk of I.R.S. prosecution for tax fraud. One way to limit the risk of prosecution is to convert a non-compliant offshore account into a tax...
Source: Pharma Investments, Ventures & Law Weekly (2008-12-28)
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