Report: IRS Assumes All Individuals With Offshore Accounts Are Suspect of Fraudulent Activity

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The Taxpayer Advocate Service, a division of the IRS, says the agency assumes individuals with offshore accounts are suspect of fraudulent activity.

“The National Taxpayer Advocate has previously raised a number of issues regarding implementation of the Foreign Account Tax Compliance Act (FATCA) and the IRS’s international withholding and refund policies,” the division states in its report to Congress.

This act, according to the IRS, is an effort to prevent tax evasion by individuals who have financial assets and other accounts offshore. For those who have assets more than $50,000 offshore, the act requires that they report information about them on their tax return.

 

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