Posts Tagged ‘offshore account holders’

IRS Offshore Accounts Update: Get Tax Help Before IRS Starts Its Plan to Hire 800 People and Go Global to End Bank Secrecy

Thursday, November 19th, 2009

The IRS crackdown on foreign bank account holders has been highly effective in getting more tax evaders to come forward. News reports have shown that the number of people who voluntarily disclosed their foreign bank accounts before October 15th have been higher than other responses to any prior IRS initiatives.
The large number of voluntarily disclosures means billions of incoming revenues to the IRS in the next ten to twenty years
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Posted in Back Taxes, Offshore Tax Settlements, Penalty Abatement, Seeking Professional Tax Help | No Comments »

First Prosecution of an Offshore Account Holder in a UBS Tax Case Sends Message: IRS Will Not Tolerate Offshore Tax Evasion

Thursday, October 29th, 2009

On Friday, the first American was prosecuted in a UBS tax case and sentenced to house arrest after admitting he concealed about $6 million in assets from the IRS.
Americans who missed the October 15th deadline for tax amnesty can still reduce severe IRS penalties for offshore accounts (including FBAR penalties that can amount to 200-300% of the asset value of the account!) Account holders need to get expert tax help
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Posted in IRS Tax Cases, Offshore Tax Settlements, Penalty Abatement, Seeking Professional Tax Help | No Comments »