In 2018, the Internal Revenue Service (IRS) joined forces with tax authorities in four other countries to form the Joint Chiefs of Global Tax Enforcement, known as the J5. In 2020, the J5 announced its first multinational tax evasion investigation, and it warned that banks and taxpayers should expect more similar efforts going forward.

A New Jersey criminal tax lawyer provides representation to clients who have been accused of wrongdoing by the IRS. An attorney can also help those who are not in full compliance with tax laws to explore options, such as voluntary disclosure, which could potentially help to reduce penalties and reduce the likelihood of prosecution.

If you have undeclared offshore funds in a financial account, it is imperative you talk with a New Jersey international tax attorney about how you can come into compliance with your tax obligations.  The chances that your information will fall into the hands of taxing authorities are substantial, in light of both cooperation by many foreign financial institutions with U.S. as well as in light of recent and repeated leaks of financial information about offshore accounts.

In 2015, more than $10 billion of transactions took place using Bitcoin. Bitcoin is a virtual currency and its use has been increasing, especially after the IRS began cracking down on offshore accounts. The increased use of Bitcoin has not escaped the notice of the IRS, though.