The OECD released a version of a new standard for the exchange of financial information on July 21, 2014. The proposal establishes country-to-country information exchange agreements with even seemingly uncooperative nations. In his article, Mr. Millar encourages U.S. taxpayers with undeclared accounts to make a voluntary disclosure now to avoid severe penalties for “willful” failure to report that will surely be imposed if this new standard takes effect. This standard also leaves open the possibility of multi-jurisdictional conflicts about who can tax whom.
See Sanford Millar “Forget About Hiding Money Offshore! ” JD Supra Business Advisor (August 18, 2014)
Posted by Ryan Moore, Associate Editor, Wealth Strategies Journal