Can I save taxes by having a secret offshore bank account?
Any US person (citizen or permanent resident) can open an offshore bank account but cannot keep it secret from the government. You might be able to save a little tax only if you are willing to commit a felony and perjury! Not reporting income – even when it is not reported to the IRS – is a felony. The size of the omission doesn’t matter, or at least there is nothing in the tax code that specifies any dollar amount or percentage amount. In addition, there is no statute of limitations on a tax return where there is an intentional omission of income. Hence, if the IRS finds out about the omission say, twenty years later, you would still be subject to accumulated penalties and interest, plus potential criminal charges. For small amounts, the IRS won’t generally pursue a criminal charge, but that’s entirely at their discretion. If they want to put you in jail for some reason, failing to report some income will give them an excuse. Secondly, if you have an account at any time during the yea
