The US Department of Justice (DOJ) has announced that a US federal grand jury indicted (i.e. charged) a US individual with tax evasion and failure to file Reports of Foreign Bank and Financial Accounts (FBARs), among other offenses. The announcement was made in a DOJ News Release dated 10 February 2021.
According to the News Release, the US individual allegedly:
- failed to disclose her interest in a Swiss bank account on annual FBARs for calendar years 2012 through 2014;
- evaded assessment of income taxes on the interest and dividend income that she earned in her Swiss bank account for tax years 2011 through 2014; and
- failed to file income tax returns for tax years 2011 through 2014.
If convicted, the US individual faces a maximum sentence of five years in prison for each count relating to her failure to file an FBAR and tax evasion. She also faces a maximum sentence of one year in prison for each count concerning the failure to file tax returns.