LOS ANGELES (PRWEB) November 13, 2019
A recent news article published by KXLY.com reported that a taxpayer from Spokane, Wash., plead guilty to filing a false tax return on which he failed to report over $1 million held in an offshore bank account in Switzerland. The court documents found that the man, Thomas Blandi, held $5,221,514 in an offshore bank account that generated $1,430,000 in income. As a result, Blandi underreported his 2013 tax liability by approximately $600,000, and the U.S. Department of Justice said Blandi had an obligation to report the offshore bank account to the IRS, but he didn’t.
“As tax season rolls around, it’s crucial for taxpayers to remember they must report any earnings from offshore bank accounts,” said Sherri Gastelum, CEO of Platinum Tax Defenders. “There can be severe financial consequences of not reporting this income. If there are any individuals or business owners who have questions on how to report offshore bank accounts ahead of this coming tax season, we encourage them to give us a call.”
According to the news article, Thomas Blandi could face a maximum sentence of three years in federal prison, a one-year term of supervised release, restitution and monetary penalties as a result of filing a false tax return.
What is an Offshore Bank Account?
An offshore bank account is a bank account in a financial institution located outside of the taxpayer’s country of residence. Opening up a foreign bank account is easier than ever for Americans. The U.S. State Department estimated that 8.7 million Americans lived abroad in 2015, with many more having offshore bank accounts. It used to be that only the 1% had offshore bank accounts, but that’s not the case anymore. Today, anyone can open an offshore bank account. Platinum Tax Defenders urges taxpayers to remember the importance of knowing how offshore bank accounts can affect your taxes.
“We want to remind taxpayers that over the years, the IRS has been making a significant push for Americans to report their offshore bank accounts,” added Gastelum. “The IRS has successfully collected millions of dollars in offshore accounts to be taxed. We want to help our clients avoid serious tax debt by ensuring they’re correctly reporting their offshore assets to the IRS.”
Ahead of the 2020 tax season, Platinum Tax Defenders is currently offering free consultations to all new clients. For more information, or to schedule a free consultation, call 866-866-8053 or visit http://www.platinumtaxdefenders.com.
About Platinum Tax Defenders
Since 2011, the experts at Platinum Tax Defenders have been successfully getting their clients out of debt. Platinum recently announced it has successfully saved those clients eligible for tax relief up to 97% on their tax debts. The team at Platinum Tax Defenders is made up of certified public accountants, enrolled agents, and tax attorneys, many of whom have direct experience dealing with the IRS. The team at Platinum has years of experience in successfully setting up tax resolution plans for clients with a range of tax debt—from $10,000 to over $100,000. Platinum Tax Defenders specializes in Offer in Compromise, Bank Levy Release, Tax Lien Release, Installment Agreements, Wage Garnishment Release, and more. To see how Platinum Tax Defenders can help you, call 866-866-8053, or visit http://www.platinumtaxdefenders.com.