Chicago tax lawyer Robert E. McKenzie worries those with still secret offshore accounts may be less likely to disclose because they figure that if they’re found out and prosecuted, they’ll avoid jail as Warner has. But McKenzie tells prospective clients the same thing he wrote recently on Forbes: “Many other less lucky offshore depositors have been sentenced to prison by other judges. One distinguishing factor for Warner was he was a billionaire whereas those sent to prison were merely millionaires.”
Arnstein & Lehr Chicago Partner Robert E. McKenzie recently authored a piece titled, “IRS and Offshore Accounts.” It discusses the IRS’ new 2011 Voluntary Disclosure Initiative (OVDI) for taxpayers to disclose their unreported offshore accounts.
To read “IRS and Offshore Accounts” in full, please view below or download the PDF by clicking here.