How the IRS deals with Offshore Accounts

If you receive a letter from a revenue agent about an offshore bank account or credit card you need to be very concerned. The fact that this letter comes from a revenue agent (as opposed to a revenue officer) means that you are under possible investigation by the CID (Criminal Investigation Division) of the IRS. As I have mentioned previously in these blogs, the IRS has launched an aggressive offensive against people who have offshore bank accounts. It is certainly not illegal to have an offshore account or credit card and there are many legitimate reasons to maintain one. However, many people who have them are trying to “launder” money to evade paying taxes. The IRS assumes the worst in these cases and the taxpayer has to be very careful in presenting his case. If you are in this situation I strongly recommend that you retain a professional such as my firm to handle this problem for you. The worst-case-scenario end of an investigation like this is not only a very large fine, but jail time as well! You cannot afford to take chances.