Tag Archive for Offshore Banking Records

Required Records Doctrine Trumps 5th Amendment Defense For Overseas Accounts!

On August 29, 2012 we posted Fifth Amendment Does Not Apply to Offshore Banking Records, where we discussed that the Fifth Amendment privilege against self-incrimination does not apply to records that fall under the Required Records Doctrine, and a taxpayer who is the subject of a grand jury investigation into his use of offshore bank accounts cannot invoke the privilege to resist compliance with a subpoena seeking records kept pursuant to the Bank Secrecy Act, the U.S. Court of Appeals for the Seventh Circuit ruled Aug. 27 (In re Special February 2011-1 Grand Jury Subpoena DatedSeptember 12, 2011, 7th Cir., No. 11-3799, 8/27/12).
Now the Third Circuit ruled that a married couple must turn over their foreign bank account records to the Internal Revenue Service, saying the couple can’t shield themselves by Read more

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