The IRS has released its dirty dozen list regarding tax scams. Note that "Hiding Income Offshore" is once again on the list. Of note is their list of structures that have been used by individuals to hide income, such as "offshore banks, brokerage accounts or nominee entities . . . foreign trusts, employee-leasing schemes, private annuities or insurance plans . . ." This is why it is essential for proper reporting to be done, not just for individuals but for their related entities as well.
Despite the end of this section, which states that taxpayers should come forward to "pay their fair share," taxpayers who fail to report will oftentimes find themselves having to pay far more than their fair share.
IR-2014-16: IRS Releases the “Dirty Dozen” Tax Scams for 2014; Identity Theft, Phone Scams Lead List
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