First Prosecution of an Offshore Account Holder in a UBS Tax Case Sends Message: IRS Will Not Tolerate Offshore Tax Evasion
On Friday, the first American was prosecuted in a UBS tax case and sentenced to house arrest after admitting he concealed about $6 million in assets from the IRS.
Americans who missed the October 15th deadline for tax amnesty can still reduce severe IRS penalties for offshore accounts (including FBAR penalties that can amount to 200-300% of the asset value of the account!) Account holders need to get expert tax help as soon as possible to seek penalty abatement to reduce the impact of financial penalties and criminal implications.
According to the New York Times, a wealthy accountant who provided extensive help in the tax evasion inquiry of the Swiss bank UBS was sentenced to a year of house arrest Wednesday after admitting he concealed about $6 million in assets from the Internal Revenue Service.
Steven Michael Rubinstein, 55, was the first United States citizen charged in the investigation. Federal District Judge Marcia Cooke said his prosecution sent a message around the globe about the risks of hiding assets in offshore accounts — and that he deserved credit for helping federal investigators find more tax cheats and crooked bankers within UBS and other institutions in Switzerland and elsewhere.
“Thousands, if not millions, of taxpayers now know what the legal landscape is,” Judge Cooke said. “Now, we will not tolerate offshore tax evasion.”
Read the full article from NYTimes.com here: Accountant Sentenced to House Arrest in UBS Tax Case.
Our team of tax attorneys, tax resolution specialists and CPAs can help you mitigate the severe IRS penalties and criminal sanctions for offshore account holders. Don’t wait for IRS to come after you, we can help you resolve your IRS problems before it’s too late. Call us at 866-IRS-PROBLEMS (1-866-477-7762) or for a free consultation.
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