Interest, Penalties, Tax Crimes & Offshore Accounts

• Author: Brian C. Vertz and Mitchell E. Benson
• Pages: 385-402

INTEREST, PENALTIES, TAX

CRIMES & OFFSHORE

ACCOUNTS

21-1

CHAPTER 21

INTEREST, PENALTIES, TAX CRIMES

& OFFSHORE ACCOUNTS

§21.1 INTEREST AND PENALTIES

§21.1.1 Interest

§21.2 CIVIL PENALTIES

§21.2.1 Penalty—Failure to f‌ile a return

§21.2.2 Penalty—Failure to pay

§21.2.3 Penalty—Failure to pay estimated income tax installments

§21.2.4 Penalty—Bad checks

§21.2.5 Accuracy-related penalties

§21.2.6 Substantial or gross valuation misstatements

§21.2.7 Tax Fraud Enhancing Civil Penalties

§21.2.7.1 Defense to Penalties and Civil Tax Fraud

§21.3 TAX CRIMES

§21.3.1 Criminal Tax Evasion

§21.3.1.1 Evading Tax Assessment

§21.3.1.2 Evading Tax Payment

§21.3.2 Burden of Proof

§21.3.3 Willful Failure to Collect or Pay Over Tax

§21.3.4 Willful Failure to File, Supply Information or Pay Tax

§21.3.4.1 Failing to Pay Tax or Estimated Tax

§21.3.4.2 Failing to Keep Tax Records

§21.3.4.3 Failing to Supply Information

§21.3.4.4 Failing to Make a Return

§21.3.5 Criminal Tax Fraud

§21.3.5.1 False Declarations

§21.3.5.2 Aiding and Assisting Tax Crimes

§21.3.6 Fraudulent, Fictitious and Altered Documents

§21.3.7 Criminal Interference

§21.3.8 Other Crimes

§21.4 DIVORCE & CRIMINAL LIABILITY

INTEREST, PENALTIES, TAX

CRIMES & OFFSHORE

ACCOUNTS

Divorce Taxation 21-2

§21.5 OFFSHORE ACCOUNTS: WHO PAYS?

§21.5.1 Report of Foreign Bank and Financial Account, or “FBAR”

§21.5.1.1 Statement of Specif‌ied Foreign Financial Assets

§21.5.2 Voluntary Disclosure Practice

§21.5.2.1 History

§21.5.2.2 Former Offshore Voluntary Disclosure Program (“OVDP”)

§21.5.2.3 2020 Voluntary Disclosure Program (“VDP”)

§21.5.3 Practice Tips