Over the past few months, there has been a sharp increase in cases where tax authorities send requests for explanations in connection with ownership of foreign assets — bank and brokerage accounts, CFCs, real estate — and the receipt of corresponding income. The requests are based on information obtained through automatic exchange between countries. As a result, information about previously undeclared income may be disclosed, which may lead to an on-site tax audit of the taxpayer’s entire income structure.
This, in turn, risks significant additional tax assessments and penalties. We recommend taking such requests very seriously, and if you receive one, promptly contacting specialists to avoid an on-site tax audit and additional assessments.
At the link you can read about real-life cases of requests received from the tax authorities.
This, in turn, risks significant additional tax assessments and penalties. We recommend taking such requests very seriously, and if you receive one, promptly contacting specialists to avoid an on-site tax audit and additional assessments.
At the link you can read about real-life cases of requests received from the tax authorities.
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