This week the Swiss parliament accepted a treaty with the United States, agreeing the terms which would have UBS, Switzerland’s largest bank, disclose the names of 4,450 American account holders suspected of tax evasion to the IRS. This decision comes after a three year battle between U.S. tax authorities, the IRS and the Swiss bank over the bank’s involvement in allowing American clients to cheat the tax system by hiding millions of dollars in offshore accounts.
The current tax laws require taxpayers to report all income from domestic and foreign sources – failing to do so whether intentionally or unintentionally is a form of tax evasion and could be financially crippling.
If you have funds overseas, particularly with UBS and have not yet disclosed them to the IRS, now is the time to do so. I cannot emphasize enough how important it is for you to be completely honest with the IRS and go to them before they get to you. And they are certainly coming after UBS’s clients!
Yesterday, as Switzerland agreed to disclose the names of 4,450 UBS clients suspected of tax evasion, U.S. citizens holding accounts with UBS found themselves racing against the clock to voluntarily disclose their secret account holdings to the IRS. The IRS and tax firms are finding their phone lines busy with frantic taxpayers fearing IRS prosecution.
The panic comes with the announcement that account details could be disclosed to the IRS as early as this week. IRS Commissioner Douglas Shulman stated once the Swiss authorities transmit the information, “We will immediately follow up on the information we receive from the Swiss and we will vigorously enforce the laws against those who have attempted to evade their tax responsibilities by hiding their assets offshore.”
The IRS are not joking about going after tax cheats. Last year, they offered a temporary reduction of penalties in exchange for voluntary disclosures. The taxpayers that did not take up this offer are now scrambling to seek advice on how to avoid sanctions, such as criminal prosecution, seizure of their Swiss accounts, further penalties and prison sentences.
Swiss authorities have already disclosed the names of 400 UBS clients who took up the IRS’s voluntary disclosure program.
Where You Stand
16 UBS clients have already been charged with tax crimes. About 150 other Americans are under criminal investigation as reported by the Justice Department, last year. Clearly the IRS is set on pursuing American taxpayers that have so far cheated the system by failing to disclose these foreign accounts. The time to avoid disclosure has run out, as this week’s decision has shown. However, there is still the opportunity to avoid prison if you ACT NOW.
This is a complicated matter and you need expert tax help from professionals with specific expertise and experience with offshore tax evasion defense. Seeking tax attorney representation will ensure all communications with the IRS is done on your behalf by a Certified Tax Resolution Specialist, who will fight on your behalf and make all required disclosures, file FBAR reports and mitigate your risk of prison sentencing.
What you can do:
- See whether you need professional tax help
- Learn about the advantages of expert tax attorney representation
- Find out more on our Offshore Account Tax Settlements page
We have a special division for FBAR reporting and compliance, led by the nation’s top offshore tax evasion defense expert Brian Compton, who is ready to help you with your IRS tax problems.
Contact out special division for overseas tax evasion defense TODAY! If you are in IRS trouble for undisclosed foreign funds, call our office at 1-866-IRS-PROBLEMS for a free, no-risk tax resolution consultation or visit www.taxresolution.com.
More Tax Help, IRS News and Tax Relief Tips:
- Tax Help For Offshore Account Holders as US-Swiss Protocol Allows Handover of Account Holder Info
- Tax Help For Offshore Account Holders as Swiss Government Seeks to Salvage UBS Agreement
- IRS Relief News: 5 More Charged For UBS Tax Evasion
- Tax Help Guide: How to Avoid an IRS Audit When Uncle Sam’s After You
- Tax Help Options For Overseas Tax Evasion as UBS Pushes For Swiss-US Deal
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