Offshore Tax Evasion: US Initiatives | Practical Law

Offshore Tax Evasion: US Initiatives | Practical Law

This Article discusses the US reporting rules for US taxpayers with foreign accounts and assets (including FBAR and FATCA), the civil penalties for non-compliance with the US reporting rules, current US enforcement initiatives aimed at discovering US taxpayers with undeclared foreign accounts or assets, and the options for US taxpayers to address prior non-compliance with the US reporting rules.

Offshore Tax Evasion: US Initiatives

Practical Law Article 9-519-0217 (Approx. 13 pages)

Offshore Tax Evasion: US Initiatives

by Scott D. Michel, Caplin & Drysdale, with Practical Law Corporate & Securities
Law stated as of 27 Jun 2012 • USA (National/Federal)
This Article discusses the US reporting rules for US taxpayers with foreign accounts and assets (including FBAR and FATCA), the civil penalties for non-compliance with the US reporting rules, current US enforcement initiatives aimed at discovering US taxpayers with undeclared foreign accounts or assets, and the options for US taxpayers to address prior non-compliance with the US reporting rules.