Forbes: More Offshore Account Prosecutions For Secret Accounts Seeking Heavy Prison Time (September 29, 2021)

Forbes has published an article, “More Offshore Account Prosecutions For Secret Accounts Seeking Heavy Prison Time”, which discusses the harsh penalties the IRS and U.S. Justice Department continue to give out to individuals who intentionally evade taxation through offshore accounts. The article begins as follows:

These days, the IRS and Justice Department seem more intent on nabbing crypto tax dollars than owners of still secret offshore accounts. The land rush of offshore account cases started in 2008 and went on for over 10 years. But there are still secret ones out there it seems, and when the feds find them, they are harsh. In one recent indictment, Mark Anthony Gyetvay was accused of defrauding the United States by not disclosing offshore assets, failing to report income on his tax returns, failing to pay millions in taxes, and submitting a false offshore compliance filing as he tried to avoid penalties and prosecution. …

If convicted, he faces up to 20 years in prison for each wire fraud count, five years for each failure to file FBAR count, five years for tax evasion, five years for making a false statement, three years for each count of assisting in the preparation of a false tax return, and one year for each willful failure to file a tax return count.

Click here to see the full article: “More Offshore Account Prosecutions For Secret Accounts Seeking Heavy Prison Time”

Posted by Tristan Baird, Associate Editor, Wealth Strategies Journal

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