Businessman Failed to Report Income

Five Stone Tax Advisers' Take on an Important Tax-Related Article:

A New Hampshire man pleaded guilty yesterday in the U.S. District Court for failing to report approximately $170,000 in income earned from offshore bank accounts from 2006-2009. He faces three years in prison, a criminal fine of $250,000 and must pay 50 percent civil penalty to the IRS based on the high balance account. This taxpayer had offshore accounts in tax havens such as Switzerland, Israel, and the UK. This is a prime example of a taxpayer that should have timely entered into one of the many Offshore Voluntary Disclosure Initiatives in play since 2009. It is also a benchmark example for behavior that the Department of Justice Tax Division and IRS deem as “willful.”

About Five Stone Tax Advisers

Five Stone Tax Advisers has years of experience negotiating directly with the IRS to get the best possible outcome for you. Our International Tax Advisory and Compliance unit has a team of tax attorneys, certified public accountants and enrolled agents that form a single sourced point of contact that will provide services for all the legal, compliance and financial reconstruction aspects of these offshore account cases.

Five Stone Tax
by Five Stone Tax

Five Stone Tax is America’s trusted tax adviser, offering full-service tax solutions with the goal of making sure all of our clients pay the lowest amount of taxes legally possible. As the most effective tax representation company in America, our team consists of the best Property Tax Consultants, Tax Attorneys, Enrolled Agents, case managers, and administrators in the industry.

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