Tax Help for Overseas Bank Account Holders: Voluntary Disclosure for IRS FBAR Amnesty Ends Sept 23
As the IRS Amnesty Period is drawing quickly to its expiration date next Wednesday, September 23rd, 2009, overseas account holders must act quickly to voluntarily disclose their funds abroad to reduce their chances of criminal prosecution.
Over Labor Day weekend, a member of the wealthy and privileged elite, Finn M. W. Caspersen, took his own life in the Shelter Harbor Golf Club in Rhode Island. Authorities believed that Caspersen may have owed up to $100 million in back taxes and IRS penalties, and may have even faced prison time.
Whether Caspersen really owed the government that much money or not is not clear, but it is unfortunate when someone chooses to end their life over IRS tax problems. IRS debt can seem overwhelming and can sometimes seem like the end of the world–I’d like to remind you that for every IRS tax problem, there is a IRS tax solution. You are entitled to professional tax help–don’t let your tax problems cripple your financial future.
According to the NYTimes.com, “The I.R.S. learned that Mr. Caspersen held an account at LGT, the private bank controlled with Liechtenstein’s royal family. Liechtenstein pledged last December to disclose the names of some wealthy Americans with bank accounts there, but it was unclear if Mr. Caspersen’s name was among them or how the I.R.S. learned of any account in his name. According to the person familiar with the investigation, federal authorities recently placed tax liens on the personal trusts of Mr. Caspersen’s four sons.”
The latest IRS crackdown on the use of offshore bank accounts by wealthy Americans led to the UBS deal where the big Swiss bank divulged the names of nearly 300 of its American clients in February and agreed to hand over several thousand more last month.
For those who owe back taxes on their money abroad, it’s important to act now before the Amnesty Period ends next Wednesday. By partaking in voluntary disclosure, you will pay a significantly less amount of IRS penalties than what you will owe if you wait to be caught. For instance, if you have one million dollars offshore - that will equal to about $400,000 in IRS penalties in interest. If you don’t do the voluntary disclosure the penalties jump to 2.3 million on a $1 million asset. Additionally, not voluntarily disclosing your foreign bank account will expose you to possibly severe criminal charges. (If you participate in voluntary disclosure before September 23rd, your chances for criminal prosecution will be greatly reduced.)
It is unwise to take your chances of not getting caught by sitting this wave out, voluntary disclosure is a good way for those who owe back taxes for their foreign bank accounts to seek IRS penalty relief. Act now before the September 23rd deadline to save your financial future before it’s too late!
Tax Resolution Services works with clients on voluntary disclosures - so if you owe back taxes or interest/penalties on offshore accounts, we can help. Don’t wait for IRS to come after you, we can help you resolve your IRS problems before it’s too late. Can contact our team of experts for a free consultation. Call us at 866-IRS-PROBLEMS (1-866-477-7762) or visit our website at www.TaxResolution.com
More Tax Help, IRS News and Tax Relief Tips:
- Tax Help News: IRS Enforcement to Get Priority, Big Bucks in 2010
- Tax Help For Taxpayers Short on Cash: Filing a Tax Return Late is Better than Filing a False Tax Return
- Tax Help For Offshore Account Holders as Swiss Government Seeks to Salvage UBS Agreement
- Avoid IRS Tax Penalties By Establishing “Reasonable Cause” For Failing to File and Pay Your Taxes
- Tax Help For Offer in Compromise Applicants: New IRS Changes to Processing
Tags: Back Taxes, delinquent tax returns, delinquent taxes, failure to file, FBAR, Finn M. W. Caspersen, Free Tax Consultation, IRS debt, irs problems, Michael Rozbruch, overseas bank account holders, tax attorney, tax evasion, tax expert, tax help, tax resolution, UBS deal
September 19th, 2009 at 7:08 am
this IRS witch hunt is going to cost the US economy big money. Soon all the European countries will demand that the US banks disclose all the rich European citizens names that have “secret” accounts in the USA so those people can pay taxes in their home contries. Foreigners pay no tax on gains in the US.
Those typical political moves for Pres. Obama and Sen. Levin appealing to the ignornant masses of the public by going after “tax cheats” without doing the reasearch of what the long term effect will be. All the dummies are yelling “yea,yea, go after those cheats” not knowing that the Europeans will take their money and run when the US gov’t agrees to release the names of those rich Europeans. Maybe another banking crisis???