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 1040 and/or has deposited monies into these foreign accounts without paying federal income taxes (earned income) on them should be nervous about being targeted by the IRS in their crackdown on foreign accounts.
However, people in this situation can still strike a deal with the IRS in exchange for full voluntary disclosure. We do this all the time for our clients – we go straight to the IRS instead of the IRS seeking out our client. The voluntary disclosure program offers immediate relief because the IRS agrees not to criminally prosecute taxpayers who pay all back taxes plus interest and penalties. But in order to take advantage of this immediate relief, taxpayers must come forward before their names are turned over to the IRS.
And remember that a tax attorney or tax resolution specialist can help you resolve IRS tax problems if your offshore account comes under scrutiny by the IRS. Contact us today for a free tax relief consultation to see if you qualify for a voluntary disclosure settlement.
More Tax Help, IRS News and Tax Relief Tips:
- Tax Help News: IRS Enforcement to Get Priority, Big Bucks in 2010
- Tax Help Options For Overseas Tax Evasion as UBS Pushes For Swiss-US Deal
- Tax Resolution News: IRS Warns Against Frivolous Tax Arguments That Can Incur Severe Penalties
- Offer in Compromise: How to Get the Tax Help You Need Through an IRS Offer in Compromise
- Tax Help From the IRS: Upcoming Saturday Open Houses For Resolving Tax Problems
Tags: Back Taxes, IRS debt, IRS help, IRS tax problems, mark koba, Michael Rozbruch, offshort accounts, overseas bank account, Report of Foreign Bank and Financial Accounts (FBAR), swiss bank UBS, tax attorney, tax evasion, tax expert, tax settlement, Voluntary Disclosure