If you have undeclared funds in foreign bank accounts, you need to act now. If you missed the October 15th tax amnesty deadline for voluntary disclosure, there is a heightened need to get expert tax help as soon as possible from an FBAR tax attorney or FBAR tax resolution specialist who can help you seek IRS penalty abatement to reduce the impact of back taxes and severe criminal implications.

I have worked with my associate Brian for many years and he is the head of our firm’s Offshore Banking & FBAR Defense Division. As President of Tax Resolution Services, Co., Brian personally oversees all our offshore tax evasion defense cases and works closely with our team of experts (tax attorneys, CPAs) to help our clients obtain FBAR compliance and reduce severe IRS penalties.

The fact is more than 14,700 Americans with secret offshore accounts took the IRS up on their offer of tax amnesty for voluntary disclosure before October 15th so they wouldn’t face criminal prosecution if they paid FBAR back taxes, interest and reduced civil penalties. According to the IRS, the FBAR amnesty program generated “billions of dollars” in new revenue from back taxes.

Even though you may have blown your one official shot for offshore account governmental leniency, there’s still hope to reduce FBAR penalties if you get expert tax help to get started on your voluntary disclosure and FBAR compliance before the IRS comes knocking on your door.

The IRS is Determined to Smoke Out More Tax Revenue from Offshore Hiding Places Than Ever Before

The IRS has found that the back tax money in offshore accounts is gigantic. The IRS expects to get another $8.5 billion in back taxes over the next few years from offshore bank account holders just like you. And that is just the tip of the iceberg. The IRS is eying over $100 billion in unpaid FBAR back taxes stashed in offshore accounts. In offshore accounts, the IRS has found a new money tree and they will never ever stop shaking for every penny of back taxes.

Based on the billion dollar success of the offshore account FBAR amnesty program, the IRS has staffed up to find those offshore account holders who didn’t take the opportunity to avoid jail time. The IRS has just hired 800 personnel in the United States and bulked up their offices overseas solely for the purpose of tracking down offshore account holders.

Don’t Wait for the IRS to Come After You

Now that the FBAR amnesty deadline has passed, the only way to avoid the wrath of the IRS’s intensified federal crackdown on offshore accounts is contacting a FBAR tax attorney or tax resolution specialist who can mount an offshore tax evasion defense by drafting a voluntary disclosure agreement.  Retaining effective offshore tax evasion defense, means that your FBAR tax attorney, tax resolution specialist or CPA will take over all communications with the IRS, making the required disclosures, filing FBAR reports and amending tax returns typically for 2003 thru 2008.

Prosecutions of offshore account holders in UBS tax cases are making headlines across the world while sending the message that the IRS will not tolerate offshore tax evasion. Due to the severity of the financial penalties and criminal implications, it is not in the account holder’s best interest to wait for the IRS to approach them.

How To Get Tax Help with Your Offshore Bank Account and FBAR Compliance

Here are the first steps to take:

1. Get together all your offshore accounts.  Break them down by country.  Some offshore account countries have already opened up all their offshore account books to the IRS, others are in the process of doing so. Those safe offshore account tax havens are an endangered species on the verge of extinction. Don’t join them.

2. Contact a FBAR tax attorney or tax resolution specialist – make sure you retain a professional with a proven track record of successfully handling offshore tax evasion cases. Explain your situation in full detail including who told you to set up these offshore accounts and include any documentation from your offshore account financial advisors. You will want to need to show that you were not willfully failing to declare foreign income.

3. Have your FBAR tax attorney or tax resolution specialist conduct all communication with the IRS. This is not the time for amateur hour. So, how serious is this? Very. Every FBAR  tax attorney or tax resolution specialist will tell you that IRS back tax penalties for offshore accounts are double or triple the amount that is hidden in those accounts. If the IRS believes you acted willfully, you’re looking at 10 years of jail time. If you contact the IRS yourself (something you should never, ever do) an innocent mistake can have severe consequences. For example, if you try to do a voluntary disclosure without a FBAR tax attorney and you forget to file form 5471, you will be hit with an automatic, immediate, mandatory $10,000 fine. And that’s just one of the many small details an experienced FBAR tax attorney or tax resolution specialist can catch.

Finally, don’t give up hope. Even if you missed the Oct 15th deadline for voluntary disclosure of offshore accounts, a good FBAR tax attorney can give you the tax help you need by reducing fines and criminal sanctions. But you need an experienced offshore tax evasion expert to give you tax help, not just any tax attorney or CPA, but someone who can help your survive the dangerous waters of international tax law. Battling the IRS on offshore tax evasion charges requires the highest level of tax law legerdemain. You need to act now. The IRS probably already has your number.

Tax Resolution Services has a very specialized division for defending offshore tax evasion cases. This highly specialized department is run by one of the nation’s leading offshore tax evasion defense experts, Brian Compton. Call our team of expert tax attorneys, and CPAs  today at 1-866-477-7762 for a free tax resolution consultation or visit www.taxresolution.com

More Tax Help, IRS News and Tax Relief Tips:

1. Tax Help For Offshore Tax Evasion: First 500 of 2,450 Names on “Swiss Cheese List” Revealed to IRS
2. IRS Tax Help From Tax Expert: What Individuals and Businesses Need to Know to Avoid Tax Problems
3. Tax Help For Offshore Account Holders as Swiss Government Seeks to Salvage UBS Agreement
4. Top Tax Help Tips For Taxpayers Looking to Settle Tax Debt With an IRS Installment Agreement
5. Tax Help News: IRS Announces it Will Ease Rules on Tax Settlements, Offers in Compromise

Tags: Back Taxes, brian compton, FBAR Defense, offshore accounts, Offshore Banking, offshore tax evasion defense, Penalty Abatement, tax attorney, tax evasion, tax help, tax resolution, tax settlement

This entry was posted on Tuesday, December 8th, 2009 at 2:12 pm and is filed under Back Taxes, Expert Help From Tax Attorney, Offshore Tax Settlements, Penalty Abatement, Seeking Professional 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.