Every year, the Internal Revenue Service (IRS) launches thousands of investigations against taxpayers. Many of these investigations end in criminal convictions. Are you under investigation for a tax crime? The IRS will aggressively pursue a charge and conviction. If you’re a suspect tin a tax crime case, talk a lawyer from Okabe & Haushalter today. We are ready to help you keep you record clean and keep you out of jail. With a top-notch lawyer working for you, you can peace of mind that your case is in reliable, experienced and dedicated hands.
Offshore accounts are commonly used to commit tax evasion. Because of this, the IRS is extremely wary of individuals who store their funds overseas. It is not illegal to have an offshore account; however, it is illegal to attempt to hide your money from the IRS in a foreign account. According to the IRS, the term offshore can refer to a country that facilitates offshore investments or an actual bank account used by foreign investors to store money overseas.
Financial secrecy refers to laws that govern levels of banking confidentiality. Some countries allow investors to bank almost anonymously. These types of accounts are easy to abuse. If the IRS believes that you are attempting to hide income in a country with financial secrecy laws, you may be accused of tax evasion. In some situations, only the top management of the financial institution is allowed to know the names of the people who own their accounts.
A tax haven is a country that offers a no- or low-tax environment for investors to store their money. In some countries, the U.S. is considered a tax haven. Many times, tax haven countries make up their losses by charging expensive account set up fees or annual fees. Some people try to use International Business Corporations (IBCs) to hide money from the IRS. For example, if an individual started an IBC in a tax haven, he/she may attempt to make fraudulent transfers into the IBC so the IRS could not identify the money as actually belonging to a taxpayer in the U.S.
If you’re under investigation, we urge you to speak to an attorney from Okabe & Haushalter immediately. If the IRS suspects that you’re keeping money in an offshore account, you may be charged and convicted with a serious crime. In the United States, tax evasion is punishable by five years in prison and up to $250,000 in fines. If a business is convicted, this fine may double.
If you’re under investigation for owning an offshore account, talk to an attorney from Okabe & Haushalter as soon as possible. We are ready to stand up for your rights.
Offshore may refer to a bank, country, or jurisdiction. When used to describe a country of jurisdiction, offshore refers to any area that offers foreign investors financial secrecy—the ability to conceal their funds and manage their bank accounts with relative anonymity. Financial secrecy refers to a level of extreme confidentiality. Some countries, called tax havens, offer American investors a low tax or no tax environment in which to store their funds. According to the IRS, about 40 countries across the globe advertise themselves as tax havens, attracting investors from other countries. Some countries and jurisdictions consider the United States a tax haven.
When use to describe a financial institution, offshore refers to a bank that is focused on attracting foreign investors. International Business Corporations (IBCs) are commonly used in offshore tax evasion schemes. Sometimes, taxpayers establish and IBC so that they can store funds overseas without tell the IRS. IBC are usually built in tax haven countries that offer foreign investors financial secrecy. Because they have corporate status, it is easy to conceal financial transactions and funds stored in IBC accounts. Thus, the IRS tends to be wary of IBCs in tax havens.