Taxpayers with foreign funds may have felt the heat back last summer when UBS struck a deal with the US government to release some 4,500 names of American bank account holders to the IRS. That frenzy may seem far back in the past now but this wave of aggressive tax evasion crackdown is nowhere near over.
Recently, Wall Street Journal reported that UBS is increasing its lobbying efforts for the Swiss government
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The NYTimes reported a recent case where a wealthy investor in Virginia pleaded guilty to tax evasion charges involving his undisclosed foreign funds. One thing that distinguishes this investor from the many taxpayers who have been prosecuted by the IRS for hiding funds abroad was that this investor’s money was not hid in UBS.
Indeed, the IRS is expanding its reach to other banks beyond UBS that are helping wealthy Americans
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With the April 15th deadline fast approaching, taxpayers need to stay vigilant about what they report (and don’t report) on their tax returns in order to avoid being audited by the IRS or incurring heavy IRS penalties.
CNNMoney released an article recently that outlines several helpful tips for taxpayers to heed in order to prevent getting audited by the IRS. It’s important for taxpayers of all income brackets to realize that
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Taxpayers with foreign bank accounts must stay on top of the game when it comes to paying taxes and disclosing foreign funds.
If you have undisclosed foreign funds or if you have accumulated back taxes on your overseas money, now is the time to seek tax help from a tax attorney or Certified Tax Resolution Specialist to resolve your IRS problems before they become any worse.
Due to the severe nature of
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Many taxpayers facing the tough year of 2009 may find themselves unable to pay their full taxes in 2010 or unsure about how to resolve the back taxes that they already owe. This is why it’s a pleasure for me to sit down with people like Scott Mason of KROQ to share some free tax help advice to listeners.
Right now we are seeing some real desperate situations where many people
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I recently appeared on the Big Biz Show with Russ and Sully to talk about the new top 500 list that the Swiss Government released to the IRS. The first 500 people who made it on the “Swiss Cheese List” are now under IRS scrutiny for tax evasion charges–many facing IRS penalties up to $2.3 million or ten years in prison for FBAR violations ($2.1 million for failure to report
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Taxpayers with undisclosed money overseas need to get tax help now in order to defend against potential IRS offshore tax evasion charges.
Ever since the UBS deal in the summer of 2009, the IRS has been cracking down on overseas tax evaders–wealthy business owners, CEOs and CFOs of large multi-national corporations, and regular taxpayers who just happened to have funds overseas.
The IRS recently announced that it has already hired hundreds of
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Recently, more than 14,700 Americans with secret offshore accounts took the IRS up on their offer of tax amnesty for voluntary disclosure before the October 15th deadline, generating “billions of dollars” in new revenue for the IRS. Based on this success, the IRS has hired 800 personnel in the United States and bulked up their offices overseas to smoke out more tax revenue from offshore hiding places.
Taxpayers need to be
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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.
I have
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It may resemble a chapter out of 1984 but the recent surge of whistle blowers to the IRS about tax cheats comes as no surprise since these whistleblowers are getting paid enormous sums of money for “telling on their neighbors” for owing back taxes.
A recent Forbes article revealed that a new federal rewards program dishes out cash to people who turn in friends, relatives and employers for fudging their
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You don’t have to be a wealthy jet-setter to get caught in the IRS crosshairs - especially as they are aggressively going after million in back taxes from undisclosed fund in foreign bank accounts.
My associate Brian Compton is one of the nation’s leading offshore tax evasion defense experts. He was recently interviewed by Joe Mont for an article in The Street.com, Overseas Bank Sting Ensnares Average Joes. That’s right- NO
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Before the UBS deal of 2009 that sent overseas account holders scrambling to submit their voluntary disclosures before October 15th’s amnesty deadline, many people believed a number of IRS myths: that Swiss Bank Accounts are a “tax fortress” impenetrable by the IRS or that the IRS only cared about the “bigger fish.” However, as we have seen in the past couple of months, this is clearly not the case anymore.
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We’ve been hearing a lot of stories about how the IRS is dealing with the abundant influx of voluntary disclosures from Americans who had hid their money overseas in Swiss banks such as UBS. The LA Times recently reported that the IRS is settling with over 14,700 overseas foreign account cases.
According to the LA Times, “To put it simply, this is a historic milestone for the nation’s hardworking taxpayers.”
While many
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The IRS crackdown on foreign bank account holders has been highly effective in getting more tax evaders to come forward. News reports have shown that the number of people who voluntarily disclosed their foreign bank accounts before October 15th have been higher than other responses to any prior IRS initiatives.
The large number of voluntarily disclosures means billions of incoming revenues to the IRS in the next ten to twenty years
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The latest IRS step-up in tax collection crackdown has some 14,700 wealthy Americans shaking in their chairs. The IRS reports that it has been seeing an “unprecedented” number of Americans who have come forward before the October 15th amnesty deadline. Offshore account holders who voluntarily disclose their unpaid back taxes on foreign funds by this deadline are able to receive reduced IRS penalties.
For those who did not make the deadline
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