The New York Times published an article today in regards to the fact that taxpayer’s are more likely to pay their fair share of taxes when they know that the IRS is watching them. This is particularly interesting in how it relates to the US and its increased efforts to find and tax offshore accounts.
In the article, it states that a 2008 investigation by a Senate subcommitee disclosed that out of the 20,000 bank accounts held by American citizens at UBS bank in Switzerland, 95% were not properly (and illegally) hidden from the IRS. With the IRS’s current focus and attention on discovering unreported offshore accounts and income, those taxpayer’s wlll be the subject of intense scrutiny going forward.
If you have offshore accounts or income that you have not reported, it’s in your best interest to do so as soon as possible.