Tax Relief Tips from the Experts at Tax Resolution University

IRS Offshore Accounts Update: Get Tax Help Before IRS Starts Its Plan to Hire 800 People and Go Global to End Bank Secrecy

TRS — Fri, 20 Nov 2009 00:26:10 +0000

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 in addition to the waning trend of foreign “tax havens”–two very good incentives for the IRS to keep up their heightened tax collection efforts.

As a taxpayer, it is important for you to realize that this IRS trend of stricter tax collection procedures is not likely to loosen in the future. The IRS has already reported to increase staffing in international offices by hiring 800 new agents in the next year. According to Bloomberg news, “The IRS plans to hire 800 people in the next year and increase staff in eight overseas offices, including Hong Kong. The agency also will open offices in Beijing, Sydney and Panama City.”

The primary target of the IRS is people who deliberately evade taxes through the usage of offshore bank accounts. Ordinarily, the IRS can seize the higher of $100,000 or 50 percent of an offshore account’s value when the holder deliberately didn’t disclose it to the Treasury Department. The penalty can apply each year that required forms weren’t filed, so after three years of noncompliance an account holder can owe 150 percent of the account’s value.

Indeed, the days of bank secrecy are over. So what if you have undisclosed foreign funds and failed to meet the October 15th deadline? There is still a chance for you to reduce your IRS penalties if you seek professional tax help now before the IRS finds you first. It is absolutely better for you to come forward to the IRS before they find you. But this is not something casual–you must make sure that you understand all the right legal guidelines before talking to the IRS so that you don’t inadvertently incriminate yourself.

The best thing to do for those of you who want to reduce your IRS penalties or get an IRS offshore settlement is to contact an expert tax attorney to evaluate your best options. Make sure that you are armed with expert tax representation before you communicate with the IRS. This will give you the best chance of getting a favorable IRS offshore tax settlement than if you just picked up the phone and called the IRS.

You wouldn’t go to court without a lawyer. So don’t go to the IRS without proper tax representation!

Tax Resolution Services is a team of tax attorneys, CPAs, and certified tax resolution specialists who handle cases of offshore tax settlements on a regular basis. We can help you get the tax resolution you need even if you missed the October 15th amnesty deadline. Call us today at 1-866-477-7762 today for a free consultation or visit www.taxresolution.com.

IRS Encourages Offshore Account Holders to Come Forward - Get Expert Tax Help BEFORE Talking to the IRS!

TRS — Thu, 19 Nov 2009 01:11:10 +0000

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 but are worried about being discovered by the IRS before coming forward, U.S. Internal Revenue Service Commissioner Douglas Shulman encourages them to come talk to the IRS before the IRS finds them, emphasizing that “It will be much worse for them if we find them first.”(According to the Reuters article).

According to Reuters, “Shulman also said the outpouring of hidden offshore accounts does not affect in any way the obligation of UBS to turn over those American account-holder names. There had been some speculation that success in the amnesty program would cut the obligation of UBS to turn over accounts.”

Furthermore, the Swiss Justice Department said it would hand over the names of wealthy U.S. clients of UBS with accounts holding more than 1 million Swiss francs ($986,200) where there is a reasonable suspicion of tax fraud.

It is clear that the IRS tax collection rigor has heightened to the point where foreign “tax havens” will dissolve to be a thing of the past. However, if you have not yet disclosed your untaxed foreign funds, there is still a chance that you can get an IRS offshore tax settlement that will be less severe than the IRS penalties you would face otherwise.

The important thing to know is that in order to get the optimum tax resolution for failing to disclose your foreign funds, you need to seek tax help from an expert tax attorney. It’s important for you to be represented by someone who understands the IRS language and the legal aspects behind tax resolution procedures. This will ensure that you get the best chance possible at settling your offshore tax debt with lesser IRS penalties than you would otherwise.

Tax Resolution Services is a team of tax attorneys, CPAs, and certified tax resolution specialists who can provide you with the tax help you need. If you are thinking about talking to the IRS about your undisclosed foreign bank account funds, call us first for a free consultation! 1-866-477-7762 or visit www.taxresolution.com

Tax Help for Offshore Account Holders Pulling Out of Swiss Banks: Don’t Fear the IRS - Get Expert Offshore Tax Evasion Defense

TRS — Wed, 18 Nov 2009 22:04:44 +0000

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 francs, or 6.9 percent, to close at 37.79 francs last week.” Since Julius Bauer Group does not have a large onshore presence in Europe to capture assets, this latest trend of American account holders pulling out their funds is especially troublesome.

It’s not unusual for companies that do business internationally to have offshore bank accounts. But what offshore account holders need to know is that the IRS is determined to smoke out more tax revenue from offshore hiding places than ever before. I recently blogged about how offshore account holders can still get tax help to get an IRS offshore tax settlement–learn more about how you can get tax help to reduce your IRS tax penalties.

But don’t let fear of the IRS overwhelm you. Even if you missed the Oct 15th deadline to disclose your foreign accounts, you can still get tax help to reduce your IRS penalties and criminal sanctions. A tax resolution expert or tax attorney can help you get a good IRS offshore tax settlement even if you failed to disclose your account before October 15th.

These are crucial times for offshore account holders to get the right kind of tax help. Dealing with offshore tax evasion cases before the IRS requires a whole new level of rigor. Make sure that you get tax help from someone who is experienced and an tax resolution expert instead of just any tax attorney or CPA. Make sure you hire someone who can act both as a financial adviser as well as a tax savior.

To learn more about how you can reduce your IRS penalties and get an IRS offshore tax settlement, visit our latest IRS offshore tax settlement page to discover your tax resolution options. You can also visit our TRS news page for more tax help resources to obtain tax relief.

If you believe that you owe back taxes on your foreign accounts, you need to retain either a tax attorney, tax resolution specialist or CPA who will take over all communications with the IRS, make the required disclosures, file FBAR reports and amend tax returns typically for 2003 through 2008.

Tax Resolution Services is a team of tax attorneys, CPAs, and tax resolution specialists who can help you get the expert tax advice you need. Call us today at 1-866-477-7762 for your free consultation or visit our website at www.taxresolution.com

Tax Humor of the Month from Tax Resolution Services: IRS Whistleblowers Encouraged!

TRS — Wed, 18 Nov 2009 19:33:10 +0000

This is funny! And happening more often than you think. The IRS Whistleblower office pays money to informants who provide specific and credible information to the IRS about people who owe taxes. The IRS has been increasing tax enforcement since 2008! Tax cheats, beware! If you need to work through you tax problems such as back taxes, consult a tax professional from Tax Resolution Services. We offer a free tax consultation - fill out the online form - or call us at 1-866-IRS-PROBLEMS.

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Offshore Bank Account Holders Must Act Now to Get Expert Tax Help: Don’t Wait for the IRS to Come After You!

TRS — Tue, 17 Nov 2009 22:08:13 +0000

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 billions of uncollected tax revenues from offshore accounts held by Americans. Since the latest UBS deal, the IRS has buckled down to find and penalize an unprecedented number of offshore tax evaders and is still going strong to investigate additional offshore “tax havens.”

Recent events prove that the IRS is more determined than ever to investigate high-net-worth individuals - both at home and overseas - so really, no one is safe from the wrath of the IRS. The latest headlines of harsh IRS crackdowns and expensive IRS tax penalties has sent a message to the rest of us: the IRS will not tolerate offshore tax evasion.

The good news is: for those of you who missed the October 15th filing deadline for tax amnesty, there is still hope for an IRS offshore tax settlement if you seek professional tax help now from a tax attorney, CPA, or certified tax resolution specialist.

It’s important for taxpayers to know that Report of Foreign Bank and Financial Accounts (FBAR) penalties can amount to as much as 200-300% of the asset value of the account. So if you have an unreported overseas bank account, you really need to get expert tax help as soon as possible to seek penalty abatement to reduce the impact of financial penalties and criminal implications.

Due to the severity of the financial penalties and criminal implications, it is not in your best interest to wait for the IRS to approach you. If you believe that you owe back taxes on your foreign accounts, you need to retain either a tax attorney, tax resolution specialist or CPA who will take over all communications with the IRS, make the required disclosures, file FBAR reports and amend tax returns typically for 2003 through 2008. Don’t wait for IRS to come after you - get tax help for resolving your IRS problems before it’s too late.

TRS is a team of expert tax attorneys, CPAs, and certified tax resolution specialists. Call TRS today at 1-866-477-7762 today for a free consultation!

Tax Debt is Scary But Evading Taxes is Scarier: Man Gets Prison Sentence for Not Reporting $500K

TRS — Mon, 16 Nov 2009 16:45:20 +0000

Some people are just straight up tax cheats. The Wyoming man in the story below blatantly evaded his taxes doing things such as underreporting income and filing false tax returns. Subsequently he was sentenced to prison time and left with a hefty fine - all of which he deserves. For those who find themselves in tax debt, not because they were purposely cheating on taxes but because of other extraordinary conditions in their lives, tax relief is possible! Hiring a tax professional - like a tax attorney or tax specialist - is the first step to relieving tax debt. There is nothing to fear about seeking tax help - if you are innocent! If you are starting to seek help for your tax debt, Tax Resolution Services tells you exactly what to expect when resolving tax debt.

John T. Minemyer, 49, of Casper, Wy., was sentenced to 12 months in federal prison for tax evasion. Minemyer was also ordered to pay a $25,000 fine and restitution totaling $200,918.22.

Monomer’s tax evasion charge stems from when he was a resident of Colorado Springs, Colo., where he was a 50 percent partner in a company known as Lozon, which sold coupler devices used for underground fiber optic cables. Minemyer filed with the IRS false joint tax returns for the years 2000 and 2001, substantially underreporting his income from the partnership and using a series of offshore financial transactions to hide that income.

As a result, Minemyer failed to report on his 2000 return income of $355,176, which resulted in an underreported tax liability of $140,561. In addition, Minemyer failed to report on his 2001 return income of $174,087, which resulted in an underreported tax liability of $60,357. The total loss for both years is $200,918.

“This case is a good example of those who evade their tax obligations may end up finding themselves in federal prison and owing a lot more money than they would have originally had to pay,” said U.S. Attorney David Gaouette.

Tax Resolution Services is a team of tax attorneys and IRS specialists who have helped people resolve tax debt through negotiation and mediation with the IRS. Retaining Tax Resolution Services is the first step to getting out of tax debt - and it’s easy. Call us at 1-866-IRS-PROBLEMS or fill out the online form for a free tax consultation.

Kentucky Man Does Not Report $500K in Income by Failing to File Taxes - Did You Know the IRS Accepts Delinquent Tax Returns?

TRS — Sun, 15 Nov 2009 17:00:01 +0000

Failing to file your tax return is a crime punishable by prison time and a hefty fine. If you have failed to file taxes and feel like the IRS is breathing down your back, there is tax relief available. You have the right to file your original tax return, no matter how late it is! Tax Resolution Services is a professional team of tax attorneys and tax resolution specialists that can help you file your delinquent tax return also known as late tax filing. If you have failed to file taxes, like this gentleman below, consult a tax professional (fill out our online form) to help you sort through your tax problems and find tax relief.

Charles L. Boulton, 61, of La Center, Ky., was sentenced to one year and nine months in prison for failing to file tax returns. He was also ordered to pay restitution of $94,870. Boulton, a chiropractor, provided drug and alcohol tests to truck-driving schools and transportation companies in Western Kentucky. During the tax years 2001 to 2006, he earned $495,600 and did not file income tax returns for those years.

When you consult your tax professional to inquire about delinquent tax returns, the Innocent Spouse provision, IRS Payment Plans or other tax relief services, ask these questions before hiring the tax professional.