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IRS reaches tax agreement with Liechtenstein
Calcutta News.Net
Monday 8th December, 2008
The IRS has signed an agreement with the government of Liechtenstein.
The agreement will see Liechtenstein giving information to the IRS for its audits of American citizens who have offshore accounts.
Some US owners of undisclosed foreign bank accounts in Liechtenstein will now be at serious risk of IRS prosecution.
While some legal offshore strategies exist to accomplish significant tax minimization, beneficial owners of undisclosed foreign accounts will now need to give immediate consideration to minimizing the risk of IRS prosecution for tax fraud.
Liechtenstein will only share with the IRS information from 2009 onward.
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