OFFSHORE BANK ACCOUNTS – FORMER IRS, ATTORNEYS – EXPERTS, CONFIDENTIAL – IRS HELP – OVDP

July 19, 2012
Written by: Fresh Start Tax

 

There is nothing wrong with having Offshore Bank Accounts. We should know.

We are comprised of Board Certified Tax Attorneys, Tax Lawyers, CPA’s and Former IRS agents and managers.

We taught Tax Law at the Internal Revenue Service and now we are on your side.

Call  us for free tax consult. 1-866-700-1040. Speak directly to a Attorneys, CPAs or Former IRS Agents.

We have over 60 years of direct IRS work experience and over 205 years of professional tax experience.

Your contact with us in all disclosures are covered under attorney client privileged and all information is privileged.

 

IRS and Offshore Bank Accounts and Programs

The Internal Revenue Service announced that its offshore voluntary disclosure programs have exceeded the $5 billion mark and released new details regarding the voluntary disclosure program announced in January, including tightening the eligibility requirements. The IRS never expected this Program to yield such a goldmine. The IRS will go lights out to attack Offshore Bank Accounts and those who have not reported because of the large stream of revenue this program has produced.

 OFFSHORE BANK ACCOUNTS

IRS offshore voluntary disclosure programs have so far resulted in the collection of more than $5 billion in back taxes, interest and penalties from 33,000 voluntary disclosures made under the first two programs.Program 3 is underway and look out.

In addition, another 1,500 disclosures have been made under the new program announced in January.

Voluntary Disclosure Programs- OVDP

The voluntary disclosure programs are part of a wider effort by the IRS to stop offshore tax evasion and ensure tax compliance. This includes beefed up enforcement, criminal prosecution and implementation of third-party reporting through the Foreign Account Tax Compliance Act.With new tax treaties being developed at a record pace more countries will be cooperating with the US to go after tax cheats.

Closed Loophole

The IRS also closed a loophole that’s been used by some taxpayers with offshore accounts. Under existing law, if a taxpayer challenges in a foreign court the disclosure of tax information by that government, the taxpayer is required to notify the U.S. Justice Department of the Appeal. This will raise some eyebrow, you think!

The IRS said that if the taxpayer fails to comply with this law and does not notify the U.S. Justice Department of the foreign appeal, the taxpayer will no longer be eligible for the Offshore Voluntary Disclosure Program .

The IRS also put taxpayers on notice that their eligibility for OVDP could be terminated once the U.S. government has taken action in connection with their specific financial institution.

This IRS program that  helps bring people back into the tax system will be open for an indefinite period until otherwise announced.

The program is similar to the 2011 program in many ways, but with a few key differences. Unlike last year, there is no set deadline for people to apply.

However, the terms of the program could change at any time going forward. You should check with us for updates.

Offshore Penalty Raised

The offshore penalty has been raised to 27.5 percent from 25 percent in the 2011 program. The reduced penalty categories of 5 percent and 12.5 percent are still available.

OFFSHORE BANK ACCOUNTS – FORMER IRS, ATTORNEYS – EXPERTS, CONFIDENTIAL – IRS HELP – OVDP

Filed Under: IRS Tax Problem | Tax Help

FREE

Consultation

No Obligation
We are here to help!

  • Should be Empty:
“Thanks to Fresh Start, I am feeling more and more confident about finally getting caught up after all these years.”
M. Johnson

“I will certainly refer anyone I come across who needs your services for sure.”
Jody and Don

“I cannot thank you enough for handling my IRS issues. After dealing with another office who did nothing, you guys did everything that you promised. Thanks again, especially Steve Jacob for guiding me every step of the way.”
Jerry H.