July 31, 2012
Joseph Perry, Partner-in-Charge, Tax & Business Services, Quoted in Dow Jones Newswires Article "GETTING PERSONAL: Wealthy Grow Wary of Foreign Tax Traps"
By Arden Dale
Attacks on presidential hopeful Mitt Romney's Swiss bank account and overseas tax havens have revived scrutiny of an issue that has caused angst among many wealthy investors: offshore tax avoidance and the U.S. government's aggressive crackdown on tax dodgers.
The renewed focus on Mr. Romney's overseas holdings simply reinforces the notion that the wealthy need to be more mindful than ever about foreign tax traps as they navigate tougher new tax-reporting rules.
The following details Mr. Perry's comments:
Financial advisers who work with the wealthy steer them away from arrangements that could put them on questionable ground with the IRS, said Joseph J. Perry , the partner in charge of the tax-and-business-services practice at Marcum LLP, an international accounting firm.
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