IRS Offshore Tax Evasion Defense Can Benefit Taxpayers of All Income Brackets as Uncle Sam Slams Down on Foreign Bank Account Tax Cheats
Before the UBS deal of 2009 that sent overseas account holders scrambling to submit their voluntary disclosures before October 15th’s amnesty deadline, many people believed a number of IRS myths: that Swiss Bank Accounts are a “tax fortress” impenetrable by the IRS or that the IRS only cared about the “bigger fish.” However, as we have seen in the past couple of months, this is clearly not the case anymore. At this point, taxpayers with undisclosed funds should be looking for expert offshore tax evasion defense.
Authorities in Switzerland have notified the first 500 Swiss bank clients whose names they are set to turn over to the United States government for suspected tax evasion. Those 500 people will have met strict criteria established by Swiss authorities, which include holding over 1 million Swiss francs at any time between 2001 and 2008, the use of false documents or other fraudulent actions, and accounts that earned an average of 100,000 francs a year for the last three years.
Since Switzerland built a reputation of neutrality that extended to its banking system, creating an independent enclave of banks immune from outside pressure, this latest collaboration with the IRS to hunt down tax evaders is groundbreaking news.
Wealthy Americans who have depended on these foreign bank accounts can no longer feel safe from the IRS with their money stashed abroad. It would be naive for anyone to believe that cheating the IRS of back taxes will go unnoticed forever.
What’s really important to note from all of this is that the IRS is serious about collecting all the taxes it can get. Regular taxpayers who don’t have overseas bank accounts can take away a very valuable lesson from all of this: If the IRS can get these guys, you better believe they can get you.
Just ask the tens of thousands of Americans who were using a Caribbean bank account linked to a U.S. credit card to evade taxes. Now that the IRS has their information thanks to a separate deal with the credit card companies, they have every reason to be sorry.
Don’t underestimate the power and the reach of the IRS. If you gamble with your chances of getting caught for tax evasion, it’s like playing Russian Roulette with a loaded gun–your luck is bound to run out at some point.
If you find yourself in IRS trouble due to having funds in a undisclosed foreign bank account, you may be able to reduce your penalties or settle your taxes with an IRS payment plan. Learn how you can get an offshore tax settlement to save your financial future.
To learn more tax tips and tax help advice, check out our previous publications.
If you owe the IRS back taxes, you can take control of your tax problems by getting expert tax help. By being proactive with resolving your tax problems, oftentimes you can reduce your IRS penalties and fines. Tax Resolution Services is a team of tax attorneys, CPAs, and certified tax resolution specialists. We’re here to help you get the tax settlement you deserve. Call us 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:
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- Tax Resolution News: In 2010, IRS to Put Even More Heat on Tax Cheats
- Top Tax Help Tips For Taxpayers Looking to Settle Tax Debt With an IRS Installment Agreement
Tags: Back Taxes, IRS payment plan, offshore tax settlement, swiss bank account holders, Swiss bank tax haven, tax attorney, tax cheats, tax evasion, tax help, Voluntary Disclosure
