Democrats Offer Bill to Prevent International Tax Evasion–Taxpayers Can No Longer Use Foreign Bank Accounts to “Hide” Income
Friday, October 30th, 2009Earlier this week, Democrats offered a bill that will strengthen the IRS’s ability to crack down on tax cheats who “hide” their full income by using foreign bank accounts.
Following the latest UBS deal that brought 7,500 Americans forward who had previously concealed their foreign bank accounts from the IRS, this new bill “would impose new reporting requirements on foreign financial institutions doing business in the United States, and on American
