Breaking Tax News: The IRS is keeping its promise to throughly investigate shady offshore transactions. Steven Michael Rubinstein, a wealthy accountant for a yacht brockerage company in Boca Raton, became the first U.S. citizen to be charged in the government’s investigation into taxpayers who hid assets from the IRS in the Swiss Bank UBS AG.
“Combating offshore tax evasion has been and will continue to be one of the IRS’s top priorities,” said IRS Commissioner Doug Shulman, in a statement. “Today’s actions show the IRS is committed to pursuing people hiding income offshore. Anyone in this situation needs to immediately come in through our voluntary disclosure process before it’s too late.”
Rubinstein could face up to 3 years in prison and a $250,000 fee.
The IRS is urging others like Rubinstein to come clean, even opening hotlines for disclosure. You might be asking yourself, "Why would I want to do that?" Well, the IRS answers that question for you:
"Taxpayers with undisclosed foreign accounts or entities should make a voluntary
disclosure because it enables them to become compliant, avoid substantial civil
penalties and generally eliminate the risk of criminal prosecution."
If you come clean, the IRS is saying they'll go easy on you. Just a suggestion for anyone out there who doesn't want to become a famouse example like Helio Castroneves and Steven Micahel Rubinstein.