It is not unlawful to have foreign bank accounts. However, U.S. taxpayers must disclose the existence of such accounts, and report any income derived from them to the Internal Revenue Service. The IRS has made cracking down on offshore tax evasion a top enforcement priority. A Voluntary Disclosure provides U.S. taxpayers with previously undisclosed offshore accounts a way to avoid the harshest penalties and potential criminal prosecution.
In order for you to avoid significant fines, penalties and even possible criminal charges for tax evasion or tax fraud, is important to get the help of a qualified tax law attorney. Our firm has helped clients adjust previous or current tax information in order to avoid possible investigation by the IRS for criminal tax activities.
The Voluntary Disclosure practice of our law firm has helped dozens of clients take advantage of the 2009 and 2011 IRS Voluntary Disclosure program. If an investigation into your income and tax history has already been initiated by the IRS, you may not qualify for this program. If, however, you decide to be forthcoming and choose to disclose unreported income and pay the accompanying tax liability for it, you may avoid criminal tax charges. In order to be accepted by the IRS, there are very strict conditions and procedures for this program. Using a qualified experienced tax attorney may greatly increase your chances of avoiding large penalties for amounts.
Check out our Blog for the latest developments regarding voluntary disclosure of offshore accounts.