How to Get Tax Help with Your Offshore Bank Account if You Missed the FBAR Amnesty Deadline for IRS Voluntary Disclosure

FBAR tax penalties can amount to as much as 200-300% of the asset value of the offshore account. If you have an offshore account and missed the IRS's Foreign Bank and Financial Accounts (FBAR) amnesty deadline on October 15th, it's not too late to have your FBAR tax attorney or tax resolution specialist draft a voluntary disclosure to mount your offshore account tax evasion defense.

If you have undeclared funds in foreign bank accounts, you need to act now. If you missed the October 15th tax amnesty deadline for voluntary disclosure, there is a heightened need to get expert tax help as soon as possible from an FBAR tax attorney or FBAR tax resolution specialist who can help you seek IRS penalty abatement to reduce the impact of back taxes and severe criminal implications.

More than 14,700 Americans with secret offshore accounts took the IRS up on thier offer of tax amnesty for voluntary disclosure before October 15th so they wouldn't face criminal prosecution if they paid FBAR back taxes, interest and reduced civil penalties. According to the IRS, the FBAR amnesty program generated "billions of dollars" in new revenue from back taxes.

Even though you may have blown your one official shot for offshore account governmental leniency, there's still hope to reduce FBAR penalties if you get expert tax help to get started on your voluntary disclosure and FBAR complaince before the IRS comes knocking on your door.

The IRS is Determined to Smoke Out More Tax Revenue from Offshore Hiding Places Than Ever Before

The IRS has found that the back tax money in offshore accounts is gigantic. The IRS expects to get another $8.5 billion in back taxes over the next few years from offshore bank account holders just like you. And that is just the tip of the iceberg. The IRS is eying over $100 billion in unpaid FBAR back taxes stashed in offshore accounts. In offshore accounts, the IRS has found a new money tree and they will never ever stop shaking for every penny of back taxes.

Based on the billion dollar success of the offshore account FBAR amnesty program, the IRS has staffed up to find those offshore account holders who didn't take the opportunity to avoid jail time. The IRS has just hired 800 personnel in the United States and bulked up their offices overseas solely for the purpose of tracking down offshore account holders.

Don't Wait for the IRS to Come After You

Now that the FBAR amnesty deadline has passed, the only way to avoid the wrath of the IRS's intensified federal crackdown on offshore accounts is contacting a FBAR tax attorney or tax resolution specialist who can mount an offshore tax evasion defense by drafting a voluntary disclosure agreement. Retaining effective offshore tax evasion defense means that your FBAR tax attorney, tax resolution specialist or CPA will take over all communications with the IRS, making the required disclosures, filing FBAR reports and amending tax returns typically for 2003 thru 2008.

Prosecutions of offshore account holders in UBS tax cases are making headlines across the world while sending the message that the IRS will not tolerate offshore tax evasion. Due to the severity of the financial penalties and criminal implications, it is not in the account holder's best interest to wait for the IRS to approach them.

How To Get Tax Help with Your Offshore Bank Account and FBAR Compliance

Here are the first steps to take:

• 1. Get together all your offshore accounts. Break them down by country. Some offshore account countries have already opened up all their offshore account books to the IRS, others are in the process of doing so. Those safe offshore account tax havens are an endangered species on the verge of extinction. Don't join them.
• 2. Contact a FBAR tax attorney or tax resolution specialist - make sure you retain a pprofessional with a proven track record of successfully handling offshore tax evasion cases. Explain your situation in full detail including who told you to set up these offshore accounts and include any documentation from your offshore account financial advisors. You will want to need to show that you were not willfully failing to declare foreign income.
• 3. Have your FBAR tax attorney or tax resolution specialist conduct all communication with the IRS. This is not the time for amateur hour. So, how serious is this? Very. Every FBAR tax attorney or tax resolution specialist will tell you that IRS back tax penalties for offshore accounts are double or triple the amount that is hidden in those accounts. If the IRS believes you acted willfully, you're looking at 10 years of jail time. If you contact the IRS yourself (something you should never, ever do) an innocent mistake can have severe consequences. For example, if you try to do a voluntary disclosure without a FBAR tax attorney and you forget to file form 5471, you will be hit with an automatic, immediate, mandatory $10,000 fine. And that's just one of the many small details an experienced FBAR tax attorney or tax resolution specialist can catch.

Finally, don't give up hope. Even if you missed the Oct 15th deadline for voluntary disclosure of offshore accounts, a good FBAR tax attorney can give you the tax help you need by reducing fines and criminal sanctions. But you need an experienced offshore tax evasion expert to give you tax help, not just any tax attorney or CPA, but someone who can help your survive the dangerous waters of international tax law. Battling the IRS on offshore tax evasion charges requires the highest level of tax law legerdemain. You need to act now. The IRS probably already has your number.

Helpful resources for IRS offshore accounts:

http://www.taxresolution.com/blog/offshore-account-holders-who-missed-the-october-15-tax-amnesty-deadline-can-still-get-tax-help-reducing-severe-fbar-penalties/

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For more information on how to get specialized IRS help with your offshore tax evasion defense, visit www.taxresolution.com for a free tax relief consultation or call 866-IRS-PROBLEMS.

Brian Compton is one of the nation's leading offshore tax evasion defense experts and is a licensed Certified Public Accountant (CPA) in the state of California and a Certified Tax Resolution Specialist (CTRS). As President of Tax Resolution Services, Co. (http://www.taxresolution.com/), he heads up the company's specialized Offshore Banking & FBAR Defense Division. He also leads an expert staff of tax attorneys, CPAs, and tax relief professionals to help individuals and small businesses solve their IRS problems with tax liens, unfiled back taxes, offers in compromise, wage levies, tax relief, delinquent returns, tax debt installment plans, bankruptcy and protecting an innocent spouse from unfair tax burdens.