IRS.GOV - Hiding money or assets in unreported offshore Bank or investment accounts remains on the Internal Revenue Service’s top list of tax scams for 2019. Every year IRS Compiles a list called the “Dirty Dozen” that lists a variety of common scams that taxpayers may encounter anytime, including unreported offshore accounts.
Generally many of these unreported offshore schemes take place during filing season as people prepare their tax returns or seek help from accountants for their taxes. Taxpayers should remain wary of offshore avoidance schemes. For past few years IRS has conducted thousands of offshore-related civil audits that resulted in the payment of tens of millions of dollars in unpaid taxes due to unreported offshore accounts. The IRS has also pursued criminal charges leading to billions of dollars in criminal fines and restitution. The IRS Criminal Investigation Division works closely with the Department of Justice to shut down scams and prosecute the criminals behind them.