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Important news for those living in Greece, Cyprus and the surrounding areas.
The latest news that came out of Lichtenstein regarding FBAR was not a good sign for taxpayers who need to file FBAR and amended tax returns.
Earlier this year Liechtenstein finally informed on their Bank Clients on the U.S. Tax Evasion Request. Lichtenstein was a haven for taxpayers to hide there monies out of the long arm of the IRS and the US government. Uncle Sam won and is pressing on to bigger targets.
The US Government Request of Records.
Request of records were made by the US government of the Bank accounts at’ Liechtensteinische Landesbank AG (LLB)” that contained at least $500,000 at any time since the beginning of 2004 are covered by the information request, according to a May 30 letter sent to a client by the principality’s tax authority.
The US also announced that in the Liechtenstein group request, U.S. authorities are also targeting lawyers, accountants, financial advisers, asset managers and those responsible for professional “asset protection,” who “conspired with a U.S. taxpayer to commit U.S. crimes or provided assistance,” according to the letter.
IRS is continuing to amass more information and pursue more people internationally, the risk to individuals hiding assets offshore is increasing.
Our advice, file before IRS finds you! We can limit your exposure today.
Some of the areas that IRS announced initiatives were in Greece, Cyprus, Dubai , Hong Kong and Japan. The long arm of the IRS will be making its way soon.
The IRS collected over $5 Billion big ones as a result of the first two FBAR initiatives and the IRS already knows were to hunt. The fear of criminal prosecution looms large.
IRS wants to give those hiding money in foreign accounts a tough, fair way to resolve their tax problems once and for all. And it gives people a chance to come in before IRS find you.
The goal of the Internal Revenue Service is to get people back into the U.S. tax system. Criminal investigators and Revenue Agents are teaming up to combat international tax evasion. New Government Divisions are being set up to make this a top priority for the IRS.
IRS also has additional cases and banks under review. The situation will just get worse in the months ahead for those hiding assets and income offshore.
IRS is even so bold as to post all FBAR victories including prison sentences on their website.
We have successfully handled a number of FBAR cases and we can take the fear and worry away. Call us today. 1-866-700-1040.
FBAR, Greece, Cyprus, Unfiled, Late FBAR , Tax Attorney Lawyers, Former IRS , Representation, Civil & Criminal , Expatriate Help
