After filing a false tax return for 2009, New Hampshire Oriental carpet dealer, Menashe Cohen, has pleaded guilty with respect to his hidden million dollar Swiss bank account. Investigations reveal that Cohen failed to disclose a whopping $170,000 income from offshore bank accounts between the tax years 2006 and 2009. No mention of the carpet dealer’s UBS Swiss account was made in his FBAR report for 2009, despite the fact that his other two offshore accounts in Jersey and Israel were listed.

Cohen faces a maximum prison term of 3 years for failing to comply with the U.S. international tax laws. In addition, he faces a fine up to a maximum of $250,000. On the FBAR front, Cohen has agreed to a penalty of 50% on his half of the account’s high balance for failing to list his UBS account in the FBAR report.

This comes in the wake of lawmakers’ intensifying scrutiny upon international assets and bank accounts and aggressive pursuit of U.S. taxpayers with undisclosed offshore accounts. Indeed, hundreds of investigations have been initiated to identify offenders in just the past year alone. If you are indicted on a tax crime, it is important for you to retain an expert criminal tax attorney for your defense immediately. Call us today to learn how we can help protect your interests.