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.
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