Consumers Must Act Quickly to Take Advantage of Amnesty Program as IRS Pushes for FBAR Compliance

While the government is working to cut down federal spending, it’s also chomping at anything it can to get more revenue. The IRS is coming down hard on offshore account holders who are hiding assets in order to avoid tax liability.

This year, the IRS is offering for the second (and they claim the last) time, the voluntary disclosure program. In 2009, the IRS amnesty program was a huge success, bringing in more voluntary disclosures than projected at a whopping 15,000 taxpayers. This year, the government is upping the penalties to 25% of their highest bank account amount. In return, the consumers will escape criminal prosecution (which can mean jail time) and a relaxed conscious.

But you must act quick, the potentially “last” IRS amnesty program for FBAR compliance expires in August 2011. So if you haven’t done so already, I highly recommend you connect with a well-qualified offshore tax evasion defense attorney to talk about your penalty abatement options.

In case you’re not convinced that you need to come clean now, chew on this: now the IRS is offering whistleblowers incentives to help by allowing anonymous informants to collect a chunk of the cash recovered when they turn in people committing tax fraud. Don’t believe it? Ask the Philadelphia man who earned $4.5 million by reporting a $20 million tax fraud by his employer.

The IRS isn’t stopping at Switzerland either. It has directed its magnifying glass onto India, Hong Kong, and Singapore, where many Americans may be turning after the Swiss bank accounts are no longer a safe haven for money laundering.

Don’t be a fool. If you have undisclosed foreign funds, take advantage of this IRS amnesty program. Nobody can guarantee that the IRS will offer this again since it already gave consumers one chance to come clean back in 2009.

If you’re not sure how to get yourself FBAR-compliant, give our office a call. We have one of the nation’s leading offshore tax evasion defense experts, Brian Compton, to help you out.

Tax Resolution Services is a team of expert tax attorneys, CPAs, and Certified Tax Resolution Specialists. We’re here to help you with your IRS tax problems. Give us a call today at (888) 699-7630 for a free tax relief consultation or visit www.TaxResolution.com.

More Tax Help, IRS News and Tax Relief Tips:

  1. IRS Tax Help From Tax Expert: What Individuals and Businesses Need to Know to Avoid Tax Problems
  2. IRS Relief News: 5 More Charged For UBS Tax Evasion
  3. Offshore Tax Evasion Defense Expert Discusses Pros and Cons of Second IRS Offshore Voluntary Disclosure Initiative
  4. Tax Help: Brian Compton Shares 7 Secret Weapons For Taxpayers to Fight the IRS on Big Biz Show
  5. Tax Help Options For Overseas Tax Evasion as UBS Pushes For Swiss-US Deal

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One Response to “Consumers Must Act Quickly to Take Advantage of Amnesty Program as IRS Pushes for FBAR Compliance”

  1. Tax Help Alert: Foreign Bank Account Holders Must Practice FBAR Compliance to Stay Out of IRS Trouble | Tax Attorney and Tax Resolution Services: IRS Help Blog Says:

    [...] not yet disclosed your foreign bank account to the IRS, now is the time to take advantage of the voluntary disclosure program that is due to expire in August 2011. But act now! This is only the second time the IRS has offered [...]

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