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freeme · 03-05-2003, 06:59 AM

http://www.bradenton.com/mld/bradent...al/2949078.htm

IRS probes offshore credit card accounts
MIMI WHITEFIELD
Knight Ridder Newspapers

In a broadening investigation of tax cheats, the Internal Revenue Service said this week that MasterCard has turned over records from more than 230,000 credit card accounts issued by offshore banks, enabling it to develop hundreds of cases for civil audits or possible criminal investigations.

Visa and American Express may not be far behind.

The investigation is part of a massive crackdown that began in October 2000 to track down taxpayers who are using offshore banks to hide assets from the U.S. tax collector. The IRS estimates there may be as many as one million to two million U.S. citizens holding debit or credit cards issued by offshore banks.

Among the people IRS investigators found using the offshore MasterCards: executives of publicly held companies, doctors, lawyers, business owners, investment professionals, promoters of tax shelters and the author of several books on offshore tax havens.

While it is not illegal for a U.S. taxpayer to have an offshore bank account, create an offshore corporation or hold a credit card issued by an offshore bank, U.S. tax obligations still must be paid.

The IRS initially sought records from MasterCard International and American Express on account holders whose cards were issued by banks in the Bahamas, Antigua and Barbuda, and the Cayman Islands.

MasterCard complied with the request by producing an electronic database that contained more than 1.7 million transaction records.

03-05-2003, 06:59 AM
freeme Confirmed User Join Date: Feb 2003 Posts: 924	Offshore Banking..What you should KNOW http://www.bradenton.com/mld/bradent...al/2949078.htm IRS probes offshore credit card accounts MIMI WHITEFIELD Knight Ridder Newspapers In a broadening investigation of tax cheats, the Internal Revenue Service said this week that MasterCard has turned over records from more than 230,000 credit card accounts issued by offshore banks, enabling it to develop hundreds of cases for civil audits or possible criminal investigations. Visa and American Express may not be far behind. The investigation is part of a massive crackdown that began in October 2000 to track down taxpayers who are using offshore banks to hide assets from the U.S. tax collector. The IRS estimates there may be as many as one million to two million U.S. citizens holding debit or credit cards issued by offshore banks. Among the people IRS investigators found using the offshore MasterCards: executives of publicly held companies, doctors, lawyers, business owners, investment professionals, promoters of tax shelters and the author of several books on offshore tax havens. While it is not illegal for a U.S. taxpayer to have an offshore bank account, create an offshore corporation or hold a credit card issued by an offshore bank, U.S. tax obligations still must be paid. The IRS initially sought records from MasterCard International and American Express on account holders whose cards were issued by banks in the Bahamas, Antigua and Barbuda, and the Cayman Islands. MasterCard complied with the request by producing an electronic database that contained more than 1.7 million transaction records.