Make sure you find IRS before they IRS finds you. As a former IRS Agent take my advice to heart. The FBAR beast is coming.
IRS cannot wait to get to the next round of FBAR cases cranked up. Billions of you’re dollars are waiting for them.
Why?
The IRS in the past few years has just collected over $5 Billion big ones from the FBAR Program.
The IRS has just dedicated millions of more dollars to fund enforcement and the training of new IRS agents to be part of the new IRS mean lean collecting machine.
IRS Statement by commissioner Doug Shulman
“We continue to make strong progress in our international compliance efforts that help ensure honest taxpayers are not footing the bill for those hiding assets offshore,” said IRS Commissioner Doug Shulman. “People are finding it tougher and tougher to keep their assets hidden in offshore accounts.”
Shulman said the 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. In addition, another 1,500 disclosures have been made under the new program announced in January.
This by far is the most successful program ever launched the the IRS. FBAR is a huge hit and the IRS billing machine does not plan to stop.
IRS is securing new treaties with new countries so with each treaty opens up the books and records of banks allowing the IRS to go after tax cheats.
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