Offshore Account Holders Must Act Now for Tax Amnesty to Avoid Severe IRS Penalties and Criminal Prosecution
There been lots of tax news and buzz about the extension of the tax amnesty period for offshore account holders. But something that has not been in the spotlight quite as much is how you will need expert tax help to take advantage of this so-called leniency from the IRS.
Brian Compton, my associate and the President of Tax Resolution Services, was recently interviewed by Rob Lever from the international publication AFP (Agence France Presse/ French Press Agency).
Read full article here: U.S. Offshore Tax Amnesty Deadline Prompts Rush
Basically, for anyone with money abroad it’s important to act now before the amnesty period ends to avoid huge penalties and even criminal prosecution. For instance, if you have $1 million dollars offshore – that will equal close to $400,000 in IRS taxes, penalties and interest if you come forward now. If you don’t take advantage of the special leniency the IRS is offering, then penalties can jump to as much as $2.3 million on a $1 million asset
Additionally, you could get 10 years in prison for failing to file the appropriate FBAR reports for foreign accounts. That’s how seriously the IRS takes this. While anyone who steps forward before the amnesty period ends can significantly reduce their chances of criminal prosecution, they must also be prepared to follow rigid procedures to ensure they get favorable treatment from the IRS. In other words, coming forward before the IRS even under the offshore amnesty program is not something you do by yourself; you will need help from a firm with years of experience successfully representing clients before the IRS.
We handle voluntary disclosures for offshore accounts and can help you resolve your IRS tax problems . Contact our team of expert tax attorneys, CPA, and tax resolution specialists for a free consultation. Call us at 866-IRS-PROBLEMS (1-866-477-7762) or visit our website at www.TaxResolution.com
More Tax Help, IRS News and Tax Relief Tips:
- Offshore Account Holders Can Still Seek Amnesty from Criminal Prosecution and Lower IRS Penalties Till September 23