Posts Tagged ‘Voluntary Disclosure’

IRS Budget Cuts Hurt Offshore Tax Collection

Thursday, May 2nd, 2013

I recently wrote a post for the Tax Matters blog about a newly released Government Accountability Office (GAO) report showing IRS budget cuts forcing the furlough of 100,000 employees therefore reducing the ability to audit taxpayers at the same rate. A Huffington Post article titled: “Offshore Tax Havens: Sequestration Damages IRS Battle with Tax Evasion“ provides additional GAO report information shining a light on how the sequester/IRS budget cuts will
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IRS Crackdown on Offshore Accounts Nets $5 Billion

Thursday, July 5th, 2012

More than 33,000 people reported offshore accounts to the IRS, resulting in revenue of more than $5 billion. But offshore accounts are only the beginning. The IRS is also looking at you.
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After the Internal Revenue Service and the U.S. Department of Justice negotiated a settlement with Swiss banking giant UBS to release account information, effectively piercing the once-impenetrable Swiss banking veil, U.S. officials offered a deal to taxpayers hiding money
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TaxMan Tax Info-Offshore Accounts and Taxable Income

Wednesday, March 14th, 2012

During a recent episode of the Big Biz Show, I mentioned the subject of taxable income. I thought it an important blog topic as there may be some readers who are unsure what constitutes “income” particularly those who still may have unreported offshore accounts and assets.
The Wikipedia definition of taxable income refers to the base upon which an income tax system imposes tax. Generally, it includes some or all items
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Beware of IRS Frivolous Argument Tax Scam

Tuesday, March 6th, 2012

No matter how you look at it, living in a civilized society means you are obliged to file your taxes; if you owe, you pay. While many could argue the usual tax talking points such as fairness and tax rates, most of us would agree that taxes collected generate revenue to help fuel the economy. Yet there are people who believe that paying taxes is wrong, immoral and in some
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Swiss Pressured to Reveal All Offshore Accounts

Monday, February 6th, 2012

A recent article in Forbes, With Indictments, The IRS Will Get More Data From the Swiss stated that banks prosecuted by U.S. authorities moved money to smaller, discreet establishments such as Wegelin & Co..  Because of this, the U.S. authorities have stepped up their determination to go after IRS tax cheats and the banks that are hiding them, relentlessly.  With large AND small banks like Wegelin & Co. facing indictments,
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Doctor Sentenced for Failing to File FBAR Reports

Wednesday, February 1st, 2012

Michael Reiss, New Jersey doctor, professor and medical researcher, was sentenced on January 11, 2012 for failing to report his offshore (UBS) bank accounts. According to the IRS, Reiss was sentenced to eight months in a community confinement center for failing to file Reports of Foreign Bank and Financial Accounts (FBAR) with the IRS. Reiss pleaded guilty in August 2011 and agreed to pay back taxes of at least $400,000
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Will You Need Tax Relief? IRS Focuses on Offshore Tax Evasion – Wealthy Individuals, International and Multinational Corporations Under Scrutiny

Thursday, August 19th, 2010

After news broke last fall that the Swiss Bank, UBS was under attack for hosting undeclared, offshore accounts and holding seminars educating Americans on “overseas tax reduction strategies”, the Internal Revenue Service has now devoted a specific department focusing on individuals worth $10 million or more in assets, Multinational and International corporations participating in transfer pricing among other avenues potentially evading millions of U.S. tax dollars every year.  Anyone that
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Get Tax Help for Offshore Accounts and Minimize Your Chances of IRS Prosecution

Wednesday, August 11th, 2010

If you are hiding income in an offshore account, it’s not too late to come clean with the IRS.  Although the tax amnesty deadline for voluntary disclosure has expired (in November 2009), you can still get professional tax representation to help you possibly reduce severe tax penalties and work out a structured IRS payment plan.  At Tax Resolution Services, we recommend seeking tax help first before the IRS finds you.  If that
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Offshore Banking & FBAR Defense Division Launches as IRS Cracks Down on Overseas Tax Evasion

Thursday, December 10th, 2009

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
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IRS Offshore Tax Evasion Defense Can Benefit Taxpayers of All Income Brackets as Uncle Sam Slams Down on Foreign Bank Account Tax Cheats

Wednesday, December 2nd, 2009

Before the UBS deal of 2009 that sent overseas account holders scrambling to submit their voluntary disclosures before October 15th’s amnesty deadline, many people believed a number of IRS myths: that Swiss Bank Accounts are a “tax fortress” impenetrable by the IRS or that the IRS only cared about the “bigger fish.” However, as we have seen in the past couple of months, this is clearly not the case anymore.
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Offshore Account Holders Who Missed the October 15 Tax Amnesty Deadline Can Still Get Tax Help Reducing Severe FBAR Penalties

Thursday, October 22nd, 2009

More than 7,500 Americans rushed to take advantage of a the opportunity for tax amnesty offered through a special voluntary disclosure program for offshore accounts that ended last Thursday. But what can you do if you didn’t come forward to the IRS last week and still need to declare your offshore account?
If a U.S. taxpayer or U.S. resident was not able to file the voluntary disclosure memorandum by the October
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Swiss Bank Account Information to be Turned Over to IRS: Tax Evaders Trying to Shelter Money May Consider IRS Voluntary Disclosure Program

Monday, September 28th, 2009

The end is near for U.S. taxpayers who are using the world’s most famous tax haven to shield assets and avoid paying Uncle Sam his due.  If you have an offshore account where you’ve been evading taxes, you should be worried!  Did you know that the IRS is offering an extension to the voluntary disclosure program to come clean about undeclared income?
By Michael Rozbruch
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In one of the latest — and
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Offshore Account Holders Must Act Now for Tax Amnesty to Avoid Severe IRS Penalties and Criminal Prosecution

Wednesday, September 23rd, 2009

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
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Tax Help For UBS Account Holders Seeking IRS Tax Relief For Tax Evasion Charges

Tuesday, August 25th, 2009

It’s official–UBS, the Swiss Banking Giant has reached a deal with the US Government and the Swiss Government to release around 4,450 names of American account holders suspected of tax evasion.
The US Government estimates there to be $18 billion hidden in these offshore accounts–giving the IRS plenty reason to scrutinize and audit both the innocent and guilty in the upcoming months.
If you have a UBS account and have not paid
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Tax Help for UBS Clients: All Overseas Bank Accounts More Vulnerable to IRS Scrutiny

Monday, August 24th, 2009

Hope everyone had a great weekend! CNBC.com reporter Mark Koba quoted me in a recent article about last week’s agreement by Swiss bank UBS to name US account holders. This is being seen as a watershed, leaving many wealthy Americans with foreign accounts scrambling to figure out what to do
Anyone who has not checked the Report of Foreign Bank and Financial Accounts (FBAR) box on Schedule B of form
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