The IRS Wins a Big Offshore Case
A millionaire could owe penalties of $2.2 million on a secret $1.5 million Swiss bank account.
By LAURA SAUNDERS CONNECT
June 6, 2014 5:46 p.m. ET
Offshore account holders take note: In what experts call a big win for the Internal Revenue Service, a Miami jury has found that a millionaire could owe penalties of $2.2 million on a secret Swiss bank account that held about $1.5 million.
Experts say the decision in U.S.A. v. Zwerner, a civil case that concluded in May, could encourage the IRS to assess outsize fines in similar cases.
“They’ve always had these penalties,…