With increased foreign cooperation and in the wake of two tax amnesties, the federal government is likely to expand prosecutions involving undisclosed offshore bank accounts used to avoid payment of income taxes to the United States. Not only are taxpayers and foreign bank officials targets, but U.S. financial professionals who assisted their clients in avoiding taxes may face prosecution.
The use of offshore bank accounts to hide wealth is a longtime tradition of the wealthy. It matters little whether the wealth was accrued through legal or illicit means. People of great wealth often used foreign bank accounts to avoid paying U.S. income taxes.
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