The primary purpose of illegal offshore bank accounts is to circumvent U.S. tax laws. The Internal Revenue Service (IRS) has recently begun cracking down on the owners of these undisclosed accounts. If you have an offshore bank account, you face more than just civil penalties. You also face incarceration.
Nishay K. Sanan is a criminal defense lawyer with more than ten years of experience in state and federal courts. He is also a businessman with an in-depth background in both accounting and tax. His comprehensive legal knowledge, sharp business acumen and carefully honed trial skills enable him to aggressively defend your rights when you are facing criminal prosecution regarding an illegal offshore bank account.
The IRS can prosecute illegal offshore bank accounts through a variety of tax crime classifications, including:
From five years in prison and $250,000 in fines for tax evasion to ten years and $500,000 for failing to file an FBAR, these crimes are extremely serious.
From investigations and negotiations with IRS officials to trial and appeal, Attorney Sanan provides all clients with a strong federal criminal tax defense. Whenever possible, he will conduct an extensive investigation to determine where the money in the foreign bank account was earned and whether the IRS can claim taxes on your foreign investment.
Please note, the IRS’ Voluntary Disclosure / Amnesty program for offshore accounts – which allowed people and businesses to avoid extensive civil and criminal penalties for their illegal offshore financial accounts by disclosing their accounts and paying all taxes, interest and a 20% penalty – ended on October 15, 2009.
However, if you do not have a financial interest, but have signatory authority in an foreign bank and financial account (FBAR) or have a financial interest in a foreign commingled fund, you have until June 30, 2010 to voluntarily disclose your offshore bank account.
If you missed the voluntary disclosure deadline, contact us. The IRS is cracking down on the holders of illegal offshore bank accounts. Be prepared. Put experience on your side.
Swiss banking giant UBS recently agreed to turn over information regarding their offshore bank accounts to the United States government. Undisclosed Swiss bank accounts are therefore no longer protected. Other foreign banks are following suit. If you have an undisclosed foreign account, now is the time to get the necessary legal assistance.
Contact Nishay K. Sanan, Esq. to discuss your offshore bank account or other white collar crime concerns. Call 312-692-0360 to schedule a free, confidential consultation. Initial consultations are free, although you may be asked to pay for travel expenses.