IRS Offshore Accounts Update: Get Tax Help Before IRS Starts Its Plan to Hire 800 People and Go Global to End Bank Secrecy
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.
More Tax Help, IRS News and Tax Relief Tips:
- Tax Help for Offshore Account Holders Pulling Out of Swiss Banks: Don’t Fear the IRS – Get Expert Offshore Tax Evasion Defense
- Get Tax Help with Your Offshore Bank Account as IRS Pierces Veil of Bank Secrecy, Settling with 14,700 Foreign Accounts
- First Prosecution of an Offshore Account Holder in a UBS Tax Case Sends Message: IRS Will Not Tolerate Offshore Tax Evasion
- How to Get Tax Help with Your Offshore Bank Account if You Missed the FBAR Amnesty Deadline for IRS Voluntary Disclosure
- Release Your IRS Bank Levy: How a Tax Attorney or Certified Tax Resolution Specialist Can Give You an Advantage