On January 30th the U.S. Department of Justice (DOJ) and the IRS announced that 3 people in Arizona (2 businessmen and a lawyer) would be charged with conspiracy to defraud the IRS. Failing to disclose foreign assets, or concealing money in foreign bank accounts is not asset protection, it’s tax evasion.
In the unsealed indictment on January 30th Phoenix businessmen Stephen M. Kerr, Michael Quiel and Christopher M. Rusch, a former attorney from San Diego, were all charged with conspiracy to defraud the IRS. Kerr and Quiel were also charged with failing to disclose or report their assets in foreign bank and financial accounts (failing to file FBARs) and filing false income tax returns for tax years 2007 and 2008.
Rusch was arrested in Miami on January 30th after being extradited from Panama. He was a California attorney who focused on international tax planning, setting up offshore structures and facilitating transactions meant to aid his clients in hiding assets.
You do not want to get involved with something like this. If there is any doubt in your mind as to the legality of your offshore asset protection planning talk to an experienced tax attorney.
For all domestic and offshore asset protection planning, contact The Law Offices of Givner & Kaye, APC. (310) 207-8008