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 taxpayers flocked to voluntarily disclose their foreign untaxed funds before October 15th’s amnesty deadline, some taxpayers may have missed this date. The good news is that hope for IRS penalty reduction or an IRS overseas tax settlement is not lost. You can still get tax help from an expert tax attorney to settle your IRS debt. Expert tax help from a well-qualified tax attorney could make the difference between a manageable IRS payment plan and a crippled financial future.

Earlier this year, UBS paid a $780 million penalty under a deferred prosecution agreement filed in a Florida federal court that included disclosure of an additional 150 names. It is no secret that the IRS is serious and aggressive about piercing the veil of overseas secret banks in order to collect back taxes. In fact, the foreign “tax haven” climate is changing to be virtually a thing of the past.

Just last week, the IRS and Swiss unveiled the criteria being used to determine which American UBS accounts will be disclosed under the August agreement:

“Accounts being targeted include those that contained 1 million or more Swiss francs at any time between 2001 and 2008; instances in which there was clear fraudulent actions, such as false documents; and accounts that earned an average of 100,000 francs a year for at least three years.

The equivalent amounts in U.S. dollars vary widely depending on the year, as the dollar lost over a third of its value against the Swiss franc during that period. One million francs was worth about $600,000 in 2001, compared with about $900,000 seven years later.”

[LA Times]

Don’t wait around for the IRS to find you. If you have undisclosed foreign funds in oversea bank accounts, you must act now to settle your IRS debt before the IRS slams their harsh penalties on you. By being proactive, you can take control of your tax situation and walk away with an IRS offshore tax settlement that you can live with.

Tax Resolution Services is the nation’s leading offshore tax evasion defense firm. We are a team of expert tax attorneys, CPAs, and certified tax resolution specialists who are here to help you get the tax settlement you deserve. Call us today at 1-866-477-7762 for a free consultation or visit our website at www.taxresolution.com

More Tax Help, IRS News and Tax Relief Tips:

1. Tax Help For Offshore Account Holders as Swiss Government Seeks to Salvage UBS Agreement
2. Tax Help Guide: How to Avoid an IRS Audit When Uncle Sam’s After You
3. Tax Help for Offshore Account Holders Pulling Out of Swiss Banks: Don’t Fear the IRS - Get Expert Offshore Tax Evasion Defense
4. IRS Payroll Tax Problems: Are You a Responsible Party Liable for the Trust Fund Recovery Penalty?
5. Top Tax Help Tips For Taxpayers Looking to Settle Tax Debt With an IRS Installment Agreement

Tags: FBAR amnesty, IRS debt, IRS offshore tax settlement, IRS payment plan, IRS penalties, offshore account holders, overseas tax settlement, tax attorney, tax help, UBS settlement

This entry was posted on Tuesday, November 24th, 2009 at 3:59 pm and is filed under Back Taxes, IRS Installment Agreements, Offshore Tax Settlements, Penalty Abatement, Seeking Professional Tax Help, tax help. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.