Financier Worldwide Magazine
Matthew D. Lee and Stephanie C. Chomentowski recently authored an article for Financier Worldwide Magazine that addressed the future of offshore tax evasion prosecution in the United States.
Mr. Lee’s and Ms. Chomentowski’s article, “The Next Step in the United States’ Campaign Against Offshore Tax Evasion,” discussed “whether, and how, the US Justice Department will obtain information about those US taxpayers who have maintained secret, undisclosed accounts at Credit Suisse and other Swiss banks.”
The article also highlights that “before the Justice Department is able to utilize this account data to construct a roadmap to identify specific non-compliant US taxpayers, accountholders can still take advantage of the safe harbor offered by the Internal Revenue Service’s Offshore Voluntary Disclosure Program (‘OVDP’),” and that “time is thus of the essence for US taxpayers who have not yet disclosed their Swiss bank accounts (even if those accounts have already been closed). Once the IRS obtains accountholder information from any participating Swiss bank, amnesty offered by the OVDP is no longer available.”