Personal Liberty Digest™ will be upgraded this weekend to reflect a dynamic new look and mobile-friendly viewing to enhance your experience! Plus, we'll be providing even more of the compelling content you've come to expect, delivered in a whole new way!

  Comments Subscribe to Personal Liberty News Feed Subscribe to Personal Liberty
 

IRS offers incentives to holders of offshore assets

April 6, 2009 by  

IRS offers incentives to holders of offshore assetsThe Internal Revenue Service (IRS) has announced it will offer leniency to Americans who come forward with assets invested in offshore accounts.

The agency unveiled a plan last month to lower the 50 percent penalty levied on offshore account holders. It also said volunteers will avoid prosecution provided their money has not come from criminal activities, according to the Wall Street Journal.

In addition to that, "the IRS is clearly interested in information about bankers, financial advisers, lawyers and intermediaries," says Scott D. Michel, a lawyer at Caplin & Drysdale, quoted by WSJ.

"Lawyers who go in for voluntary disclosures are being asked to identify any such people with whom their clients interacted," he adds.
However, Bob Bauman, in his blog written for Sovereign Society, warns the government’s move may be "a trap."

He points out the requirement that the government present hard evidence of tax avoidance when asking banks for disclosure of offshore activities, and stresses the "illogical" approach that assumes everyone with an offshore account is a tax evader.

That is because under the U.S. law opening an offshore bank account is completely legal so long as it is reported, he adds.

In conclusion, Bauman, citing opinions of tax experts, cautions that volunteers can still be prosecuted under the proposed "amnesty" and that those who want to come forward should consult a lawyer before contacting the IRS.
ADNFCR-1961-ID-19110879-ADNFCR

Personal Liberty News Desk

Facebook Conversations

Join the Discussion:
View Comments to “IRS offers incentives to holders of offshore assets”

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.

Is there news related to personal liberty happening in your area? Contact us at newstips@personalliberty.com

Bottom
close[X]

Sign Up For Personal Liberty Digest™!

PL Badge

Welcome to PersonalLiberty.com,
America's #1 Source for Libertarian News!

To join our group of freedom-loving individuals and to get alerts as well as late-breaking conservative news from Personal Liberty Digest™...

Privacy PolicyYou can opt out at any time. We protect your information like a mother hen. We will not sell or rent your email address to anyone for any reason.