Fifty Shades of Deterrence?: The 'Grey Area' of Dissuasion for Those Assisting Offshore Tax Evaders
150 Cayman Is J. (2015)
5 Pages Posted: 1 Mar 2015 Last revised: 26 Sep 2018
Date Written: February 28, 2015
For individual taxpayers engaged in offshore tax evasion, the U.S. government has issued a clarion call of deterrence best summarized in the song made famous by Martha and the Vandellas: “Nowhere to run to; nowhere to hide.” Yet, the jury is still out — literally — for most bankers, attorneys, and advisors charged with assisting U.S. offshore tax evaders. It appears too early to tell if the same warning is as applicable to the bankers, attorneys, and financial/tax advisors charged with facilitating offshore tax evasion. This creates a potential “grey area” of deterrence for many who enable offshore tax evasion.
Keywords: taxation, offshore, tax, tax evasion, voluntary disclosure, FATCA, international tax, IRS, Department of Justice, tax law
JEL Classification: D81, F20, G28, H26, H24, H25, K23, K33, K34, K42
Suggested Citation: Suggested Citation