Illegal Offshore Banking Defense Attorney in New York City

Tax Fraud Related to Offshore Banking

The New York City based white collar defense attorneys with Joseph Potashnik and Associates PLLC are ready to represent clients with tax evasion problems related to offshore bank accounts.

Although it is not illegal for U.S. citizens to own foreign bank accounts, they must disclose any income generated by funds in those offshore accounts to the IRS.

While the issue of  tax haven has existed for decades, the situation changed dramatically in 2008 when the U.S. government strong armed the Swiss bank UBS to disclose identities of American taxpayers who had accounts in UBS to evade taxes in the U.S.

Other large European banks have  likewise became targets of governmental inquiry on suspicions that they promoted tax evasion by American tax payers.

To avoid legal issues, U.S. tax payers with offshore bank accounts must report any income from these offshore financial accounts on their income tax returns – and all offshore accounts must be declared.

If you have signatory authority over an offshore bank account, you must file Form TDF 90-22.1 by June 30 in order to avoid criminal and civil liability.  The civil liabilty is quite staggering – up to 50% of the account balance.

We have experience and resources, both domestic  and international, to assist clients charged with using European financial institutions to commit tax evasion.

Our New York tax evasion defense lawyers may help by negotiating with the government in order to minimize client’s criminal liability and civil penalties.

If you have legal problems associated with an offshore financial account, call us today to schedule a confidential consultation.