Doug Pessefall

Foreign bank accounts are much more common in today’s world. Such accounts may be legally opened and used by persons at all income levels who live, work, conduct business, own real estate, study or play abroad (not just alleged “tax cheats”) – especially in a culturally diverse area like Milwaukee, Ozaukee and Waukesha counties. Nevertheless, a new reporting requirement that takes effect this tax season and a number of recent local, high-profile criminal prosecutions serve as timely reminders of the high priority that the Internal Revenue Service (IRS) has placed on the timely and proper reporting of foreign bank accounts and assets.