Managing Partner Kevin E. Thorn was recently asked by a DC news source to comment on former Trump campaign chairman Paul Manafort’s trial taking place in a federal court in Alexandria, Virginia. 

Many people benefit from having offshore bank accounts held at foreign financial institutions. Those who travel frequently or who live abroad may want a bank account at a foreign financial institution in a country where they work or do business or travel. If you want to diversify and have some of your assets held in currencies other than dollars, putting your money into a foreign bank also makes a lot of sense.

If you invest money offshore in any foreign financial institution, you should be aware of how the global crackdown on offshore tax evasion is reshaping the international banking industry. A Boston tax attorney can provide you with insight and assistance in understanding your rights as an offshore investor amidst profound regulatory changes and can help you to protect your financial situation as the IRS and other global taxing authorities crackdown on offshore investors.

The Internal Revenue Service has been focusing in recent years on cracking down on taxpayers who hide assets offshore in order to avoid paying taxes. There have been numerous programs undertaken, including the Offshore Voluntary Disclosure Program and the Swiss Bank Program, to attempt to identify U.S. affiliated taxpayers with funds kept in foreign financial institutions.

A Boston tax audit attorney can help you if you are under investigation by the IRS because of offshore financial accounts. In recent years, the criminal division of the IRS has actually significantly increased the number of cases that it originates that are connected to the global financial market. This increase in cases that relate to international tax issues -- which happened at a time when there was a decline in the total number of cases opened by the criminal investigation division -- is cause for major concern for those who have undeclared offshore funds.