The Connecticut Department of Revenue Services (DRS) has announced a voluntary offshore disclosure program to encourage taxpayers who have unreported offshore income to settle their state tax liabilities.
Connecticut's Offshore Voluntary Disclosure Program follows on the heels of the agreement between the Swiss government and the US Department of Justice and Internal Revenue Service (IRS) regarding the release of the names of 4,450 United States residents suspected of using foreign bank accounts to evade taxes.
According to the DRS's announcement, Governor M. Jodi Rell has requested that Attorney General Richard Blumenthal pursue information from the federal government relating to Connecticut taxpayers who may have undisclosed assets in Swiss banks.
“The recent agreement between United States and the Swiss Confederation, along with the efforts of Attorney General Blumenthal, mean it is only a matter of time before we find these taxpayers,” DRS Commissioner Richard Nicholson said. “Taxpayers that do not come forward through the voluntary disclosure program will face the possibility of criminal prosecution in addition to civil penalties and interest on the original tax amount."
The disclosure program corresponds with a similar amnesty initiated by the IRS for federal tax liabilities on unreported offshore income, Nicholson revealed. Connecticut's disclosure program runs through January 15, 2010.
A comprehensive report in our Intelligence Report series, examining in depth the situation of offshore transparency and secrecy in a number of the most prominent jurisdictions, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report2.asp
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment