Fraudulant offshore transactions

It was recently reported by the IRS that there are people using offshore transactions to avoid having to pay U.S. taxes. Everyone is reminded that using an offshore bank account, brokerage account, credit card, wire transfer, trust, offshore employee leasing or other arrangement to in order to hide or under-reported income, or claiming false deduction on a federal tax return is illegal. Anyone who is involved in these kinds of schemes could be subjected to payment of back-taxes, interest, penalties along with possible criminal prosecution. Recently, a special IRS program yielded more than $170 million in taxes, interest and penalties, and the IRS and the states are continuing to aggressively pursue taxpayers and promoters engaged in this activity.

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