Thursday, February 20, 2014

GAO Report on OVDP 2009 Participation by State and Location of Bank Accounts (1/20/14)

There is a new GAO report, IRS’s Offshore Voluntary Disclosure Program: 2009 Participation by State and Location of Foreign Bank Accounts, GAO-14-265R (1/6/14), here.

I have not had time to review it.  If I find time (time is scarce now because of other demands), I will comment later.

Other articles on this:

Ashlea Ebeling, GAO Report: Where Offshore Tax Evaders Live And Bank (Forbes 2/20/14), here.  Excerpts:
Congress is on a roll, trying to track down hidden offshore accounts, and the latest news is a report that shows which states have the most taxpayers disclosing such accounts (California is No. 1), and where they are located (Switzerland is tops). All told, taxpayers in at least 45 states and the District of Columbia reported accounts in 68 countries and territories.
* * * * 
Top countries: 
Switzerland            5,427     42%
U.K.                      1,058     8%
Canada                     556     4%
France                      528     4%
Israel                        510     4%
Germany                   484     4%
China                        394     3%
Hong Kong               362     3%
Taiwan                      307     2%
India                          306     2%

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