DOJ Investigating Offshore Accounts

The U.S. Department of Justice is sending out letters informing people that they are being investigated for failing to report an interest in a financial account located in a foreign country. This suggests that the DOJ is going to follow the same course as the one against UBS last year, which I previously blogged about.

Those who voluntarily turn themselves in before October 15 will face more lenient civil penalties whereas those uncovered by the investigation will face harsh civil penalties as well as a possible criminal case.

“As to which bank could be next: Credit Suisse is reportedly on the IRS’s radar, and tax attorneys named it as a possibility.”

IRS Offshore Account Probe Widens, Financial Advisor, July 8, 2010.

Special thanks to Jim Hillhouse (WealthCounsel) for bringing this to my attention.