I first mentioned abusive offshore tax avoidance schemes in my July 28, 2007 post "Asset Search vs. Offshore Asset Protection".  Issues related to these same schemes are the subject of this "Asset Search News Roundup":

+The March 26, 2009 "Statement from IRS Commissioner Doug Shulman on Offshore Income", indicates the federal government’s apparent willingness to provide relief to U.S. taxpayers involved in abusive offshore tax avoidance schemes.  The Commissioner’s Statement suggests that a U.S. taxpayer who makes a voluntary disclosure about assets hidden offshore, could be eligible for immunity from criminal prosecution.  Said Statement was also discussed in the Forbes.com article, "IRS Offers Deal To Offshore Evaders".


++A U.S. Department of Justice press release explains that Florida yacht broker Robert Moran is scheduled for sentencing on June 26, 2009 for his concealment of assets via an offshore tax fraud scheme.  According to his plea agreement, Mr. Moran hid assets through his nominee Panamanian corporation which maintained a foreign bank account at UBS Switzerland.  Mr. Moran specifically pleaded guilty to filing a false tax return in violation of 26 U.S.C. § 7206 (1), (perjury on a return / false statements).  26 U.S.C. § 7206 is just one of several federal statutes which may be related to a tax fraud investigation, as mentioned at "An Asset Search, Tax Fraud & Divorce".


++The May 22, 2009 article "A New Front In War On Offshore Tax Evasion?" describes the use of a John Doe summons by the Internal Revenue Service against credit card processor First Data Corporation.  John Doe summonses are provided for by 26 U.S.C. §7602 and can be used to investigate U.S. taxpayers suspected of hiding assets offshore.  The John Doe summons specifically aimed at First Data Corporation was authorized by the federal court’s April 15, 2009 Order.  The April 15 Order had been partly based on the thirty-four page supporting declaration of an Internal Revenue Agent with expertise in offshore investigations.


Copyright 2009 Fred L. Abrams