Morvillo Abramowitz Partner Jeremy Temkin Quoted in Bloomberg
July 1, 2016
On July 1, 2016, Morvillo Abramowitz partner Jeremy Temkin was quoted in a Bloomberg article entitled, “America's Offshore Tax Cheats Are Feeling the Heat Once Again.” The article discusses potential sanctions faced by the 30,000 taxpayers who took advantage of the IRS’s Streamlined Procedures. While the Streamlined Procedures allow previously non-compliant taxpayers to pay reduced penalties by certifying that they were unaware of their obligation to disclose offshore bank accounts, the Justice Department and the Internal Revenue Service are analyzing the Streamlined filings in light of data obtained through the Swiss Bank Program with an eye towards prosecuting taxpayers whose certifications were untruthful. According to Jeremy, “it's been clear to tax advisers for the last year that the Justice Department might prosecute people who lied in their declarations” and that taxpayers seeking to utilize the Streamlined Procedures should “present both the positive and negative facts and let the IRS decide” whether their conduct was non-willful.