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Home / Services / Calculators / Newsletter / Archives Offshore Credit Cards The IRS is now actively pursuing taxpayers who have offshore credit cards. The IRS is concerned that taxpayers have used these credit card accounts to hide and launder their income. The IRS has started the OFFSHORE VOLUNTARY COMPLIANCE INITIATIVE. Taxpayers who participate, must report their correct tax liability, provide full details on those who promoted the scheme, and apply by April 15th. Those who do not participate will be subject to payment of the taxes due, interest, penalties, and criminal prosecution. It is not illegal to have a credit, debit, or other payment card issued by an offshore financial institution. However, such cards can provide easy access to offshore funds and accounts in tax haven or bank secrecy countries that allow income to be hidden. U.S. citizens are required to pay tax on all of their worldwide income. If you think that this program applies to you, contact us immediately! Time is running out! (April, 2003 Newsletter)
James E. Newland, CPA 939 Center Road Eastlake, Ohio 44095 440-951-9799 |
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