Tell IRS If You Have Foreign Bank Account?
The Internal Revenue Service (IRS) said it will aggressively prosecute people with undisclosed foreign bank accounts. At the same time, the agency recently announced a program that can help people avoid prosecution and reduce their financial exposure. David Kohane, a member of the Litigation Department and Jeffrey Schechter, a member of the Tax, Trusts & Estates Department, had an article on the subject published on July 2, 2009 in the “Ask The Experts” column of The Record. Click here to read the article.
As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.
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