Tax Resolution News: In 2010, IRS to Put Even More Heat on Tax Cheats
As a Certified Tax Resolution Specialist, I’ve seen how rough the last couple of years have been for tax cheats in the United States. But the bad news is the IRS has plans to put even more pressure on tax cheats in 2010.
For middle-class tax cheats, there was the Caribbean scheme. U.S. taxpayers living in the United States would stash their money in a Caribbean bank account, then link that bank account to a credit card they could use to pay for everyday expenses at home. It gave these taxpayers the tax-cheating luxury of having mad money the IRS didn’t know a thing about.
Until, of course, the IRS found out. The government cut deals with the major credit card companies and obtained lists of people whose credit cards were linked to foreign accounts.
Amnesty came first. Then came prosecutions of individuals for tax evasion.
For wealthy tax cheats, Switzerland has long been the scheme. With the right money and contacts, U.S. taxpayers could conceal hundreds of thousands, even millions, in bank accounts protected by a Swiss banking veil that guaranteed total secrecy.
Until, of course, the IRS finally pierced that banking veil after threatening to prosecute Swiss bank UBS. Now the U.S. government is set to obtain the names of taxpayers who have been hiding their many greenbacks.
Now, those with Swiss accounts could face enormous fines and even prison time. As I said, it’s been a rough couple of years for tax cheats in our country.
The bad news for them: The pain ain’t over. Not yet.
On Dec. 10, 2009, at the 22nd Annual George Washington University International Tax Conference, IRS Commissioner Doug Shulman made it clear that what has seemed like a bare-knuckled aggressiveness against tax cheats will only get more, well, bare-knuckled!
“The unprecedented agreement with the Swiss authorities we reached this past August regarding UBS account holders - and the response to the special offshore voluntary disclosure program - together represent an historic milestone,” Shulman told the audience. “They proved to the world - especially to account holders, promoters and banks - that we’re serious about our international efforts. We’re serious about piercing the veil of bank secrecy. And we’re serious about carrying forward the momentum to address offshore tax evasion.
“We will be mining the 14,700 voluntary disclosures,” he continued, “for information to identify financial institutions, advisors, and others who promoted or otherwise facilitated U.S. persons hiding assets and income offshore and attempted to shirk their tax responsibilities at home.”
Shulman promised increased budgets for compliance, the hiring of additional agents and a general sharpening of the IRS’s mighty sword.
Over the previous years, Shulman has proven he isn’t a man of empty promises.
If you’re cheating, maybe it’s time you stop. And maybe it’s time you finally get a tax professional such as a tax attorney or Certified Tax Resolution Specialist to help you.
You can learn more tax help tips by reading our previous TRS Newspaper Articles.
Tax Resolution Services is a team of tax attorneys, Certified Tax Resolution Specialists and CPAs that are here to offer you tax help. Take advantage of the expertise of our firm by calling 1-866-477-7762 today for a free tax resolution consultation or visit www.taxresolution.com
More Tax Help, IRS News and Tax Relief Tips:
- Tax Resolution News: IRS Warns Against Frivolous Tax Arguments That Can Incur Severe Penalties
- Get Tax Help to Avoid Jail Time Like Las Vegas Man Charged With 15 Years For Tax Evasion
- IRS Tax Relief: Seven Common Income Tax Relief Myths That Can Get You into IRS Trouble
- Tax Help: How to Resolve Your Back Taxes & Prevent Tax Problems If You’re Short on Cash This Season
- Tax Help Options For Overseas Tax Evasion as UBS Pushes For Swiss-US Deal
Tags: Back Taxes, delinquent taxes, IRS debt, IRS help, irs problems, Michael Rozbruch, tax attorney, tax cheats, tax evasion, tax expert, tax help, tax resolution services, tax settlement, Tax Tips
