Crackdown to Continue on Foreign Banks Helping Taxpayers Hide Assets, Attorneys Say
The U.S. will continue to crack down on taxpayers who attempt to hide money in offshore foreign accounts in 2014. The government's efforts are also expected to expand to jurisdictions around the world as they apply pressure on foreign banks to hand over account information on tax evaders. Among these efforts is the new requirement for taxpayers to file the FBAR electronically. Offshore Tax Compliance Partner Kevin Packman says this may be difficult for some.
"There will be hiccups with that," he said. "Not everybody is computer-savvy."
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