The era of ‘suitcase money’ is over: Why your offshore crypto is no longer safe from the taxman

David Klasing, a tax attorney from California, recalls meeting a client whose early cryptocurrency holdings had grown to $700 million in eight years and, having never reported a dime of it, was losing sleep they'd be jailed for tax fraud. Klasing says he recommended the client complete a voluntary disclosure, a penalty-reducing program for taxpayers who wilfully fail to report foreign assets. By coming forward proactively, they would avoid a criminal prosecution. “That’s the fix for anybody that has larg ...