Recently, more than 14,700 Americans with secret offshore accounts took the IRS up on their offer of tax amnesty for voluntary disclosure before the October 15th deadline, generating “billions of dollars” in new revenue for the IRS. Based on this success, the IRS has hired 800 personnel in the United States and bulked up their offices overseas to smoke out more tax revenue from offshore hiding places.

Taxpayers need to be cautious around this time and not make the mistake of believing that if they have foreign bank accounts in other countries other than Switzerland that they won’t get caught. The fact is: if you have an offshore bank account anywhere in the world, you need to act now to disclose it to the IRS before they find you. It doesn’t matter if you have the account for Holocaust reparations, an overseas job, operating expenses for a vacation home, or funds from a married spouse from another country – you could be the next victim of the IRS’s intensified federal crackdown on offshore accounts.

We recently launch of our specialized Offshore Banking and FBAR Defense Division headed by Brian Compton, one of the nation’s leading offshore tax evasion defense experts. Compton personally oversees all offshore tax evasion defense cases and works closely with our firm’s team of IRS and legal experts (tax attorneys, CPAs) to help clients disclose overseas funds, obtain FBAR compliance and reduce severe IRS penalties.

Compton warns taxpayers that the IRS back tax penalties for offshore accounts can add up to double or triple the amount that is hidden in those accounts. If you think your offshore bank account may be a potential IRS target, it’s important to follow the IRS’s disclosure guidelines to avoid huge fines and penalties, including jail time.

If you contact the IRS yourself, any mistake you make can have severe consequences. Tax evasion carries a five-year sentence, while failure to file FBAR reports is punishable by a 10-year sentence – so you will need an experienced FBAR tax attorney or tax resolution specialist on your side.

To learn more tax help tips, check out our other TRS publications.

Tax Resolution Services is dedicated to providing affordable solutions to businesses and individuals who find themselves in trouble with the IRS. Their team of expert tax attorneys, enrolled agents and CPAs has a success rate of 90% - second to none in the industry - and an Offer in Compromise Settlement Rate of $0.13 on the dollar. For more information or to receive a FREE tax relief consultation, visit www.taxresolution.com or call 866-IRS-PROBLEMS.

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. Tax Help Guide: How to Avoid an IRS Audit When Uncle Sam’s After You
3. Tax Help Options For Overseas Tax Evasion as UBS Pushes For Swiss-US Deal
4. Tax Help For UBS Account Holders Seeking IRS Tax Relief For Tax Evasion Charges
5. IRS Tax Help From Tax Expert: What Individuals and Businesses Need to Know to Avoid Tax Problems

Tags: brian compton, FBAR, Michael Rozbruch, offshore bank account, offshore banking and FBAR defense division, offshore tax evasion defense, offshore tax settlement, tax attorneys, tax help, Voluntary Disclosure

This entry was posted on Thursday, December 10th, 2009 at 2:12 pm and is filed under Expert Help From Tax Attorney, Offshore Tax Settlements, Penalty Abatement, Seeking Professional Tax Help, Tax Resolution Options and Alternatives, Voluntary Disclosure. 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.