What You Need To Know About Recently Proposed Tax Evasion Rules


In early May 2016, the Obama Administration announced that it would refocus its efforts to combat tax evasion and other forms of financial fraud in America.

As experienced tax evasion lawyers in Newark, the Law Offices of Robert J. Degroot are dedicated to remaining educated about all laws regarding tax evasion, money laundering, or corruption. These developments have the potential to impact our clients and the way that we formulate our defense strategies.

With regard to this most recent White House announcement, here are what we feel to be the most pertinent points.

“Customer Due Diligence” rules will be enacted to “enhance transparency and protect the integrity of the financial system by requiring financial institutions to know and keep records on who actually owns the companies that use their services.”

The U.S.Treasury and Internal Revenue Service will be presented with new tax rules that are aimed at making it more difficult for foreign entities to hide assets or financial activity behind anonymous entities established in the United States.

And finally:

“In a letter from Secretary Lew, the Administration is also calling upon the Senate to finally approve tax treaties that have been pending for several years, and that would help crack down on offshore tax evasion. We stand ready to work with Congress to act on the Administration’s legislative proposal, that ensures the United States is in line with international standards on tax information sharing.”

If you have questions about any of the Obama administration’s new announcements, and what they could mean for your case, please contact the experienced tax evasion lawyers at the Law Offices of Robert J. Degroot today.