US CITIZENS IN RUSH FOR OFFSHORE TAX ADVICE
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US CITIZENS IN RUSH FOR OFFSHORE TAX ADVICE
Author:xcd   Article source: www.xcdacc.cn  Hits:2522  Add time:2009-11-9  
◆US citizens around the world are scrambling for tax advice ahead of a filing deadline, fearful that they may face prosecution after the US government's crackdown on undeclared offshore assets.
 
◆Lawyers and tax advisers from London to Hong Kong have had a surge in inquiries from expatriate Americans worried about whether they have correctly declared offshore assets ahead of the September 23 deadline.
 
◆Darlene Hart, chief executive of US Tax & Financial Services, an advisory firm in London and Switzerland, said: “My phone is ringing off the hook.“There is a tremendous amount of interest.”She said inquiries had increased 10-fold since the UBS settlement last month.
 
◆Concerns have been fuelled by the Swiss government's decision to reveal the names of 4,450 wealthy Americans who hold offshore accounts at UBS, the country's biggest bank.The US Internal Revenue Service said that the deal underscored the US government's determination to clamp down on tax evasion.
 
◆A Senate committee has estimated that the parking of assets offshore costs the US$100bn in lost taxes each year.New IRS guidelines for individuals with untaxed offshore assets were announced on March 23.
 
◆By coming forward voluntarily, many taxpayers who are not already being investigated by the IRS can cap their liability at six years of back taxes, interest and penalties – and avoid possible criminal prosecution.Suzanne Reisman, a London-based US private client lawyer, said the IRS deadline was particularly relevant for Americans living in low-tax jurisdictions such as Asia.
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