The use of offshore accounts to avoid taxes is not particularly new. However, in a globalized world, are they still a safe way for tax dodgers to hide their income? Check out some of these recent tax scandals to see.
Earlier this year, a set of documents known as the “Panama Papers” was released by an anonymous individual. These documents resulted in the financial exposure of thousands of individuals holding offshore accounts (with records dating back to the 1970s).
On February 26, 2014, the Senate Permanent Subcommittee on Investigations held a hearing on "Offshore Tax Evasion: The Effort to Collect Unpaid Taxes on Billions in Hidden Offshore Accounts” (The Permanent Subcommittee on Investigations-Hearings-2/26/14).
Direct Tax Relief assists more taxpayers with their Foreign Bank Account (FBAR) and Offshore Voluntary Disclosure Program (OVDP) issues as the IRS increases its offshore compliance efforts.
The Offshore Voluntary Disclosure Program (OVDP) is part of an Internal Revenue Service increasing effort to stop offshore tax evasion and guarantee tax compliance.