1. Worldwide US income, estate and gift tax reporting and taxes due.
2. Disclosure of foreign bank accounts (over $10k by annual FBAR filings) and disclosure of foreign financial assets over $50k (FATCA Form 8938, attached Form 1040).
Failure to report income, disclose accounts, pay taxes subjects the investor to multiple tax felonies including: IRC 7201(willful evasion of tax; 5 years in jail), IRC 7212 (obstruction of tax collection; 3 years in jail), 18 USC 371 (conspiracy to commit tax evasion; 5 years in jail); IRC 7206 (filing a false tax return; 3 years in jail).
Use of tax evasion proceeds to purchase assets implicates the investor in a sister trio of 20 year felonies:
1. Money Laundering - purchase of assets with either illicit proceeds from criminal activity or tax evasion proceeds;
2. Wire Fraud - use of interstate wires in “furtherance of a scheme to defraud which includes interstate telephone calls, and wire transfers;
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Our author, Gary S. Wolfe, has more than 34 years of experience, specializing in IRS Tax Audits and International Tax Planning/Tax Compliance, and International Asset Protection.
Agenda
Faculty
Gary S. Wolfe
The Wolfe Law Group
Our author, Gary S. Wolfe, has more than 34 years of experience, specializing in IRS Tax Audits and International Tax Planning/Tax Compliance, and International Asset Protection.
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