Financial Disclosure Deadline looms for Americans to disclose accounts in foreign tax havens

I was quoted extensively in a Los Angeles Times article on the IRS's amnesty program allowing taxpayers to avoid prosecution for failing to report accounts in foreign tax havens. The deadline to avoid possible criminal prosecution is October 15.

Following UBS's agreement to disclose the names of 4,450 American clients, many U.S. residents are voluntarily disclosing their foreign bank accounts. I stated, "You have a lot of people in the entertainment industry, movie producer types; they do business everywhere and have royalties coming to them internationally. I've had to clean up a lot of those."

"Some people have called me and asked, 'How likely is it the government is going to get my name?' " I said. "I say, 'I simply can't handicap that.… But if you want me to fix it, I can.' "

Once the amnesty deadline passes, U.S. tax evasion cases may follow. Some UBS clients have already faced criminal prosecution.

The full article is available here.