Tax Help Options For Overseas Tax Evasion as UBS Pushes For Swiss-US Deal

Taxpayers with foreign funds may have felt the heat back last summer when UBS struck a deal with the US government to release some 4,500 names of American bank account holders to the IRS. That frenzy may seem far back in the past now but this wave of aggressive tax evasion crackdown is nowhere near over.

Recently, Wall Street Journal reported that UBS is increasing its lobbying efforts for the Swiss government to reach a deal with the US on how it will deal with confidential bank data. According to WSJ, “The U.S. Internal Revenue Service has uncovered as many as 20 other Swiss private banks as part of a tax amnesty aimed at declaring funds to the authority” and that “UBS argues that a parliamentary no-vote could also harm the other Swiss banks who offered services to wealthy Americans.”

It could be that UBS is trying to get every bank on the same page in terms of how to handle American bank holders’ information. When it comes to working with the IRS, it seems fair that every bank must abide by the same rules. It could also be the case that Swiss banks are trying to ensure that they comply with an agreement with the US so that they can continue to conduct business with American taxpayers and wealthy bank account holders.

So don’t be surprised if your “small Swiss bank account that slipped under the radar” suddenly gets caught in the IRS spotlight. The aggressive IRS hunt for overseas tax cheats is not limited to UBS account holders only. If you have money abroad and the IRS doesn’t know about it, you are in danger of getting penalized for tax evasion.

The best thing to do is disclose your foreign funds. Don’t try to cheat the IRS or they’ll come after you with all they’ve got. If you owe the IRS more than $15,000 in back taxes, penalties, and interest, it is advisable that you seek tax help from a professional tax attorney, CPA, or Certified Tax Resolution Specialist to negotiate a tax settlement for you. Ideally, you will find a tax resolution firm that has expertise in offshore tax evasion defense. Do your research before hiring a tax professional–it’s your financial welfare on the line!

Tax Resolution Services has a special division for overseas tax evasion defense. This special division is led by one of the nation’s leading tax help experts, Brian Compton. If you are in IRS trouble for undisclosed foreign funds, call our office today at 1-866-IRS-PROBLEMS for a free, no-risk tax resolution consultation or visit www.taxresolution.com.

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