Reduce Your Chances of Criminal Prosecution: Don’t Miss The Extended Deadline For Voluntary Disclosure This Thursday-October 15th
This Thursday’s deadline for Amnesty has many wealthy Americans with foreign bank accounts nervous and scrambling to get tax help from their tax attorneys. Don’t miss your chance of significantly reducing your likelihood of facing criminal prosecution–if you have foreign bank accounts (either with UBS or some other foreign bank) with funds that you have not paid taxes on, get tax help now before it’s too late.
The issue started this summer when the biggest Swiss bank, UBS, agreed to disclose some 4,500 names of American account holders who may be under suspicion for tax evasion. The agreement triggered some 3,000 US Citizens coming forward to the IRS this year as opposed to the 100 who came forward in 2008.
Bloomberg reports that tax attorneys are helping more people as they rush to meet deadline for voluntary disclosure. As a result, many tax attorneys have been facing overwhelming workloads from wealthy Americans who fear criminal prosecution–movie producers, music moguls, and business owners. Some Southern California tax attorneys have stopped accepting new clients because their workload is too heavy.
However, it’s not only the wealthy tax evaders who are facing the looming October 15th amnesty deadline; many innocent immigrants who still have funds in foreign bank accounts are also nervous about not having paid taxes on their overseas money. Many of these immigrants who may have inherited money in foreign bank accounts do not realize that their international assets are taxable in the United States.
According to the LA Times, “L.A. is very ethnically diverse, so we have a lot of those folks,” Malik said. “I’d say it’s the minority who knew there was something shady about having a foreign bank account.”
There are also those out there who have money in banks other than UBS who are debating whether to gamble the chances that the IRS will discover their names. There is no telling which bank other than UBS will cooperate with the IRS on revealing tax evaders–it is not a good idea to take your chances with your international money, as oftentimes the IRS penalties will equate to the majority of your funds in those accounts–not to mention criminal charges on top of the IRS penalties.
If you have funds in a foreign bank account that you have not paid taxes on, this is the time for you to get your tax problems resolved by professional tax attorney. While you may not be able to escape all IRS penalties for your unpaid taxes, you will be able to substantially reduce your IRS punishment with a penalty abatement or IRS payment plan–all of which are better than going to jail for criminal tax evasion charges.
Read the full LA Times story about how the Thursday deadline affects foreign bank account holders.
Tax Resolution Services has helped thousands of people just like you who have felt overwhelmed by tax problems–get tax help now before October 15th to ensure that you have done all you can to reduce your tax penalties. Call today at 1-866-477-7762 for a free consultation to get your name on the amnesty side of IRS before they find your name and put you under their criminal side.
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Tags: Amnesty deadline October 15th, Back Taxes, FBAR, foreign bank accounts, IRS payment plan, IRS penalties, Penalty Abatement, reducing IRS penalties, tax attorney, tax relief, tax resolution, UBS
