Beware of 2012 Tax Scams

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Hiding Income Offshore

For years, individuals have been identified for hiding income in offshore banks, brokerage accounts or nominee entities. While there are legitimate reasons for maintaining financial accounts abroad, there are requirements that need to be reported. U.S. taxpayers who maintain such accounts and who do not comply with reporting and disclosure requirements are breaking the law and risk significant penalties and fines, as well as the possibility of criminal prosecution. At the beginning of this year, the IRS reopened the Offshore Voluntary Disclosure Program (OVDP) to encourage individuals to bring their money back into the U.S. tax system.

(Photo: Rick Wilking/Landov)

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