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Tax Haven IRS Audit Program

Posted by attorney Kestutis Stevens
Filed under: Tax law

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It is important to bear in mind, however, that there are many legitimate reasons for individuals and businesses to maintain assets abroad and earn foreign-sourced income. The recent audit activity by the IRS, and well-publicized actions concerning banks such as UBS, should not discourage U.S. citizens from the appropriate use of foreign accounts — even accounts in jurisdictions with so-described “secrecy” laws regarding account holders.

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