This presentation summarizes developments related to: Bank secrecy and exchange of information. Methods used by governments to identify the improper use of offshore accounts by taxpayers. The IRS view on international tax administration of high-net worth US individuals. The Obama Administration’s recent legislative proposals related to tax havens. The IRS penalty framework for voluntary disclosure of offshore accounts.Industrialized countries have heightened their scrutiny of offshore financial centers (a multi-trillion dollar industry) and the use of offshore accounts in efforts to recoup much needed tax revenues from taxpayers improperly using these centers to evade tax.
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