A Californian pleaded guilty this week before the U.S. District Court, Central District of California, to willfully failing to disclose over $1 million held in offshore bank accounts. He and the bank also took other steps to hide and secretly access his funds. The man now faces up to five years in prison, supervised release, restitution, and other monetary penalties.
His financial institution, Bank Leumi of Israel, entered into a deferred prosecution agreement with the U.S. Department of Justice in December 2014, and has paid a total of $270 million to the U.S. for its role in hiding the assets of U.S. taxpayers.
"The Department of Justice is committed to vigorously investigating and prosecuting offshore account holders who maintain undeclared accounts and willfully ignore their U.S. reporting and tax obligations," said Principal Deputy Assistant Attorney General Richard E. Zuckerman.
For details on this case, click here.
The Internal Revenue Service (IRS) has had various voluntary disclosure programs for taxpayers to become compliant with offshore reporting requirements for years, but it will discontinue its program next month. Contact one of our attorneys today to learn about how to disclose your foreign assets.