The latest IRS step-up in tax collection crackdown has some 14,700 wealthy Americans shaking in their chairs. The IRS reports that it has been seeing an “unprecedented” number of Americans who have come forward before the October 15th amnesty deadline. Offshore account holders who voluntarily disclose their unpaid back taxes on foreign funds by this deadline are able to receive reduced IRS penalties.

For those who did not make the deadline but are worried about being discovered by the IRS before coming forward, U.S. Internal Revenue Service Commissioner Douglas Shulman encourages them to come talk to the IRS before the IRS finds them, emphasizing that “It will be much worse for them if we find them first.”(According to the Reuters article).

According to Reuters, “Shulman also said the outpouring of hidden offshore accounts does not affect in any way the obligation of UBS to turn over those American account-holder names. There had been some speculation that success in the amnesty program would cut the obligation of UBS to turn over accounts.”

Furthermore, the Swiss Justice Department said it would hand over the names of wealthy U.S. clients of UBS with accounts holding more than 1 million Swiss francs ($986,200) where there is a reasonable suspicion of tax fraud.

It is clear that the IRS tax collection rigor has heightened to the point where foreign “tax havens” will dissolve to be a thing of the past. However, if you have not yet disclosed your untaxed foreign funds, there is still a chance that you can get an IRS offshore tax settlement that will be less severe than the IRS penalties you would face otherwise.

The important thing to know is that in order to get the optimum tax resolution for failing to disclose your foreign funds, you need to seek tax help from an expert tax attorney. It’s important for you to be represented by someone who understands the IRS language and the legal aspects behind tax resolution procedures. This will ensure that you get the best chance possible at settling your offshore tax debt with lesser IRS penalties than you would otherwise.

Tax Resolution Services is a team of tax attorneys, CPAs, and certified tax resolution specialists who can provide you with the tax help you need. If you are thinking about talking to the IRS about your undisclosed foreign bank account funds, call us first for a free consultation! 1-866-477-7762 or visit 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. IRS Tax Help From Tax Expert: What Individuals and Businesses Need to Know to Avoid Tax Problems
3. Tax Help Options For Overseas Tax Evasion as UBS Pushes For Swiss-US Deal
4. Tax Help for Offshore Account Holders Pulling Out of Swiss Banks: Don’t Fear the IRS - Get Expert Offshore Tax Evasion Defense
5. IRS Offshore Tax Evasion Defense Can Benefit Taxpayers of All Income Brackets as Uncle Sam Slams Down on Foreign Bank Account Tax Cheats

Tags: Back Taxes, Douglas Shulman, FBAR, IRS offshore tax settlement, October 15th, offshore account amnesty, offshore tax settlement, Reuters, tax help, UBS

This entry was posted on Wednesday, November 18th, 2009 at 5:11 pm and is filed under Back Taxes, Offshore Tax Settlements, Seeking Professional Tax Help, Tax news and tips, tax help. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.