From the Tax Law Offices of David W. Klasing - There Is an International Task Force Cracking Down on U.S. Tax Crimes

IRVINE, Calif., Aug. 26, 2020 /PRNewswire/ -- While many people may think of the IRS as a purely domestic agency, this is far from the truth. Some of the IRS's most important work involves partnering with the tax authorities from nations around the globe to crack down on U.S. taxpayers who fail to report money or assets and the associated taxable income earned in foreign nations via offshore bank / financial accounts.

The Joint Task force, or J5 as it is usually referred to, began in 2018 as a partnership between the Australian Taxation Office (ATO), the Canadian Revenue Agency (CRA), the Dutch Fiscal Information and Investigation Service (FIOD), Her Majesty's Revenue and Customs (HMRC) from the U.K. and the Internal Revenue Service Criminal Investigation Division (IRS-CI) from the U.S. As noted in a recent article, the group began by "working together to gather information, share intelligence and conduct coordinated operation "so that each country had a broad view of what was happening globally with their taxpayers.

One area of focus for the task force has been crimes related to cryptocurrency taxes, which often transcend international borders since transactions involving virtual currency are done online and not through any country's centralized financial institutions. Another area of focus has been a series of investigations in multiple countries into an international financial institution located in Central America, whose products and services are believed to be facilitating money laundering and tax evasion for customers across the globe.

Taxpayers who have failed to report accounts and taxable income stashed offshore are also a primary focus of the task force's investigations. Once the task force's work has led to indictments, the situation is going to be exponentially more difficult to deal with than if you reach out to a skilled Tax Attorney and CPA like those at the Tax Law Offices of David W. Klasing before you get caught. We will work to get you into a voluntary disclosure program where you will likely have to pay back taxes and fines, but will ordinarily be given a pass on criminal prosecution.  Call 800 681-1295 or schedule ONLINE today.

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Public Contact: Dave Klasing Esq. M.S.-Tax CPA, [email protected]

SOURCE Tax Law Offices of David W. Klasing, PC