Offshore Accounts & Foreign Assets: IRS Offshore Voluntary Disclosure Program Offshore Accounts & Foreign Assets: IRS Offshore Voluntary Disclosure Program
Save yourself from jail! Put your freedom first! If you are a taxpayer with undisclosed foreign accounts or offshore bank accounts, you must take advantage of the Internal Revenue Services’ current Offshore Voluntary Disclosure Program before it’s too late. This may be your last opportunity to get compliant and resolve your IRS tax liability before the IRS comes after you. Get help resolving the tax issues surrounding your undisclosed offshore accounts from an experienced tax attorney at Bucci Law Offices with locations in both Fort Lauderdale and Miami! You must act quickly while the IRS is offering amnesty for disclosures on foreign accounts.
With each passing day, there is a greater likelihood that the IRS will detect your undisclosed offshore accounts, especially given the wealth of new foreign account information released to the IRS, the increased cooperation of foreign governments and financial institutions, and the expansion of the IRS’s resources to enforce compliance. How your offshore account is exposed will determine the way in which your case is handled. You can come clean now, or later, under the threat of criminal charges and massive penalties that may wipe out your accounts completely. In other words, you have a lot to lose if you do not come forward.
The Offshore Voluntary Disclosure Program may be the last opportunity for taxpayers to resolve unreported foreign income issues, without fear of criminal prosecution. More than ever foreign banks are cooperating with the IRS and disclosing information about American taxpayers. Originally enacted in 2010, the Foreign Account Tax Compliance Act (FATCA) targets non-compliance by U.S. taxpayers using foreign accounts. FACTA treaties are being negotiated and entered into by more and more foreign governments, it is very likely that if your offshore account has not yet been exposed, that it will be uncovered in the very near future. Over four dozen countries have signed FACTA agreeements with the U.S.
You have very few options available to you. It is no longer a matter of if the IRS will discover your foreign accounts, but when will the IRS will go after your offshore bank accounts. Don’t let your foreign bank make the disclosure before you do. July 1, 2014 is the deadline for disclosure by Foreign Financial Institutions. The IRS will take into consideration whether or not you came forward to make a voluntary disclosure, when assessing penalties. If you fail to come forward during the duration of this program and the IRS commences an investigation against you, you will no longer be able to enter into the Offshore Voluntary Disclosure Program. At such point you would likely face both financial penalties and criminal prosecution, which could result in serving time in federal prison.
Failing to disclose your foreign bank or other financial accounts is a crime punishable by prison and the imposition of harsh penalties, so it is in your best interest to voluntarily report your offshore accounts to the IRS before they are discovered. Keep in mind, that for the IRS it is just a matter of time. For you, the stakes are much higher. The IRS, with the cooperation of foreign banks, has increasingly conducted more international and offshore tax audits to actively ferret out the identity of those taxpayers with unreported foreign accounts. This has never been more relevant, as this information is becoming easily available under foreign tax treaties. Take control of your finances and your disclosures before someone else makes the choice for you.
Offshore Accounts & Foreign Assets: IRS Offshore Voluntary Disclosure Program
ReplyDeleteOffshore Accounts & Foreign Assets: IRS Offshore Voluntary Disclosure Program
Save yourself from jail! Put your freedom first! If you are a taxpayer with undisclosed foreign accounts or offshore bank accounts, you must take advantage of the Internal Revenue Services’ current Offshore Voluntary Disclosure Program before it’s too late. This may be your last opportunity to get compliant and resolve your IRS tax liability before the IRS comes after you. Get help resolving the tax issues surrounding your undisclosed offshore accounts from an experienced tax attorney at Bucci Law Offices with locations in both Fort Lauderdale and Miami! You must act quickly while the IRS is offering amnesty for disclosures on foreign accounts.
With each passing day, there is a greater likelihood that the IRS will detect your undisclosed offshore accounts, especially given the wealth of new foreign account information released to the IRS, the increased cooperation of foreign governments and financial institutions, and the expansion of the IRS’s resources to enforce compliance. How your offshore account is exposed will determine the way in which your case is handled. You can come clean now, or later, under the threat of criminal charges and massive penalties that may wipe out your accounts completely. In other words, you have a lot to lose if you do not come forward.
The Offshore Voluntary Disclosure Program may be the last opportunity for taxpayers to resolve unreported foreign income issues, without fear of criminal prosecution. More than ever foreign banks are cooperating with the IRS and disclosing information about American taxpayers. Originally enacted in 2010, the Foreign Account Tax Compliance Act (FATCA) targets non-compliance by U.S. taxpayers using foreign accounts. FACTA treaties are being negotiated and entered into by more and more foreign governments, it is very likely that if your offshore account has not yet been exposed, that it will be uncovered in the very near future. Over four dozen countries have signed FACTA agreeements with the U.S.
You have very few options available to you. It is no longer a matter of if the IRS will discover your foreign accounts, but when will the IRS will go after your offshore bank accounts. Don’t let your foreign bank make the disclosure before you do. July 1, 2014 is the deadline for disclosure by Foreign Financial Institutions. The IRS will take into consideration whether or not you came forward to make a voluntary disclosure, when assessing penalties. If you fail to come forward during the duration of this program and the IRS commences an investigation against you, you will no longer be able to enter into the Offshore Voluntary Disclosure Program. At such point you would likely face both financial penalties and criminal prosecution, which could result in serving time in federal prison.
Failing to disclose your foreign bank or other financial accounts is a crime punishable by prison and the imposition of harsh penalties, so it is in your best interest to voluntarily report your offshore accounts to the IRS before they are discovered. Keep in mind, that for the IRS it is just a matter of time. For you, the stakes are much higher. The IRS, with the cooperation of foreign banks, has increasingly conducted more international and offshore tax audits to actively ferret out the identity of those taxpayers with unreported foreign accounts. This has never been more relevant, as this information is becoming easily available under foreign tax treaties. Take control of your finances and your disclosures before someone else makes the choice for you.