Yesterday’s Wall Street Journal (5/27/14) had an article entitled, “U.S. Broadens Tax Hunt.” The article states that the U.S. authorities are looking beyond Switzerland for American citizens who hid money abroad. For quite some time, the U.S. has looked in other countries, such as Israel and India, for accounts of U.S. citizens. But new data is showing that many people moved their accounts to places like the Singapore and the Cook Islands when Swiss accounts first came under scrutiny. The U.S. gets better at finding these accounts every day. If you or a client of yours has one, now is the time to step forward under the voluntary program and take care of business. This will help avoid criminal prosecution. For an in-depth article on foreign accounts and how to manage them at this point, see the Journal of

Accountancy article at:
http://www.journalofaccountancy.com/NR/exeres/C0B907B4-5E8E-4A41-8F7E 5DC02A439B5B.htm?WBCMODE=PresentationUnpublished