Top Criminal Foreign Tax and Reporting Questions & Answers (Golding and Golding, Board-Certifed)

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The Top Criminal Tax Questions About Foreign Reporting Answered

Oftentimes, when U.S. taxpayers make a mistake involving international tax and reporting, their knee-jerk reaction is to assume that they may have done something criminal and that the IRS Special Agents will be banging down their doors, but this is rarely the case. Making matters worse, are all the fear-mongering articles taxpayers will find online when they begin researching international tax and offshore reporting violations, fines, and penalties. In reality, most tax violations are civil and not criminal. That means that taxpayers who may have violated various tax filing requirements, failed to file the FBAR, or missed reporting foreign income may be subject to monetary fines and penalties, but it will not result in any type of incarceration. Each year, our international tax law specialist team receives many questions about the criminal tax implications of missed reporting, and more often than not, the taxpayer is not at any risk of a criminal investigation. We have compiled seven of the most common criminal tax questions we receive to (hopefully) help put some of these issues into perspective.