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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Ever since the latest IRS crackdown on American offshore bank account holders, Swiss banks such as Julius Baer Group has reported losses in financial assets due to scared Americans who are withdrawing their money. This latest news shows that the IRS has successfully struck fear among Americans who up until recently, have been able to evade taxes with offshore bank accounts.
According to the NYTimes, “shares in Julius Baer fell 2.78
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We provide offshore tax evasion defense for clients who have been targeted by the IRS. And I’ve heard on many occasions that it’s difficult to find reliable offshore tax resolution information on the Internet. So we’ve added a new tax help resource devoted to IRS offshore tax settlements to to further help people with overseas accounts by educating them on their options for tax relief.
Each year, the government racks up
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Earlier this week, Democrats offered a bill that will strengthen the IRS’s ability to crack down on tax cheats who “hide” their full income by using foreign bank accounts.
Following the latest UBS deal that brought 7,500 Americans forward who had previously concealed their foreign bank accounts from the IRS, this new bill “would impose new reporting requirements on foreign financial institutions doing business in the United States, and on American
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On Friday, the first American was prosecuted in a UBS tax case and sentenced to house arrest after admitting he concealed about $6 million in assets from the IRS.
Americans who missed the October 15th deadline for tax amnesty can still reduce severe IRS penalties for offshore accounts (including FBAR penalties that can amount to 200-300% of the asset value of the account!) Account holders need to get expert tax help
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More than 7,500 Americans rushed to take advantage of a the opportunity for tax amnesty offered through a special voluntary disclosure program for offshore accounts that ended last Thursday. But what can you do if you didn’t come forward to the IRS last week and still need to declare your offshore account?
If a U.S. taxpayer or U.S. resident was not able to file the voluntary disclosure memorandum by the October
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This Thursday’s deadline for Amnesty has many wealthy Americans with foreign bank accounts nervous and scrambling to get tax help from their tax attorneys. Don’t miss your chance of significantly reducing your likelihood of facing criminal prosecution–if you have foreign bank accounts (either with UBS or some other foreign bank) with funds that you have not paid taxes on, get tax help now before it’s too late.
The issue started this
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Just wanted to share a great note I received from a recent tax relief client who received a successful resolution for his case!
Brett first heard about TRS on the Bill Handel show a couple of years ago, and then he drove down to Orange County from his home in Palmdale, CA to meet with me and learn about the tax help services that we offer to find out how
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Recently I blogged about my guest appearance on Fox Business News talking with Brian Sullivan about the latest IRS collection efforts and how taxpayers need to know how to avoid and resolve back taxes in order to secure their financial future.
In the current tax climate, the US Government is hard-pressed for funding in order to pay for programs such as the $800 billion stimulus package, the “Cash for Clunkers” program,
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Baseball superstar, “Miracle Met” Jerry Koosman went from being cheered by his fans to being escorted by the police to jail for not paying his back taxes for the years 2002-2004.
Between Koosman’s Major League Baseball pension, autographs, public appearances, and selling his stocks, he made around $754,950 over those years, out of which $80,000 belonged to the government.
In May, Koosman pleaded guilty to IRS tax evasion charges. “Like most people
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It’s official–UBS, the Swiss Banking Giant has reached a deal with the US Government and the Swiss Government to release around 4,450 names of American account holders suspected of tax evasion.
The US Government estimates there to be $18 billion hidden in these offshore accounts–giving the IRS plenty reason to scrutinize and audit both the innocent and guilty in the upcoming months.
If you have a UBS account and have not paid
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With the recent surge in IRS enforcement, small businesses have become a major target for the government. The staggering annual $345 billion tax gap can be largely attributed to small business tax evasion; much of this has been because small businesses are difficult to enforce and many can manage to slip through the tax cracks by underreporting actual income.
Therefore, the IRS has shifted into high gears to catch and penalize
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If you are currently dealing with tax problems, now is a good time to get tax help before the new tax hikes kick in. The Obama Administration is continuing with its steadfast endeavor to collect back taxes as well as to collect more taxes from the wealthy and powerful.
Currently planned for 2011, Obama’s biggest tax hike will affect married filers making over $250,000 and singles making more than $200,000. In
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For small business owners, it can get tricky in gloomy economic times to keep up with making payroll tax deposits to the IRS.  Oftentimes, the challenges could be simply about how to keep the lights on while still paying employees every month.
In recent months, the IRS has been pressured to close down on the $345 billion a year tax gap by going after the largest contributor of this tremendous sum
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UBS has just struck a deal with the US Government to give up 52,000 names of Americans who have Swiss bank accounts. In the upcoming weeks, we can expect to see many guilty tax evaders being charged with heavy IRS penalties as well as innocent account holders who will need to defend themselves. (Read more about the latest UBS settlement.)
It is not uncommon for American businesspeople to hold foreign bank
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