First it was UBS. No one knew where it would go from there.
But now Lichtenstein went down and caved in to US pressure and the US has turned its attention to other countries including Hong Kong.
The US government is putting on political pressure on foreign governments to hand over names and bank account holders to ensure that those individuals have filed FBAR’s and paid there legal tax.
If you have not done so and need professional tax representation call us today.
We are comprised of Tax Attorneys, Tax Lawyers, CPA’s and Former IRS agents.
One of the reasons you want to use our firm is because of our expertise with the IRS. We have over 206 years of professional tax expereince and over 60 years of working directly for the IRS in the local, district and regional offices of the IRS.
We taught Tax Law at the IRS and know all the policies. and settlement policies.
We can file your FBAR, file your amended returns and settle your case. Stop the worry today.
It is very important that individuals or businesses that may have issues or problems to speak to tax professionals and discuss these issues before the IRS gets involved. and they will get involved.
Make sure you are absolutely clear on this, the IRS is coming.
The success so far by the US government and the IRS.
After the first two Programs run by the US government the IRS collected just north of $5 Billion in back taxes and penalties.With those types of numbers it does not take a genius that the Feds have found a source of revenue. Since both parties always pledges not to raise taxes this is an easy fix. Just enforce the tax laws to individuals who are wealthy and have fudge on there tax returns. There leverage, prison time.
The IRS is ramping up enforcement and the Feds are backing them up.
Next year the Administration is funding the IRS another $500,000 million to pursue tax cheats and work on non- compliance.
Make no mistake about it, the IRS is coming.
What happened in Liechtenstein.
Few saw this coming. With Liechtenstein being a small Alpine village of 36,000 people many thought it would never fall to IRS pressure, but it did.
Liechtenstein finally informed on their Bank Clients on the U.S. Tax Evasion Request to report on certain foreign accounts.
Liechtenstein has told there American clients of the principality’s oldest bank that U.S. authorities have requested their account data as they widen a tax probe for potential tax evasion and potential tax fraud. Investors are scrambling.
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. We have no idea how many accounts are included on this request however the word on the streets, “thousands”.
What is FATCA?
The Foreign Account Tax Compliance Act (FATCA) improves tax compliance involving foreign financial assets and offshore accounts. Under FATCA, certain U.S. taxpayers with specified foreign financial assets must report those assets to the IRS on Form 8938.
Call us today to find out more.
FATCA will require foreign financial institutions to report directly to the IRS information about financial accounts held by U.S. taxpayers.
The IRS offers an offshore voluntary disclosure program to help people get current with their taxes. The current program is open for an indefinite period until otherwise announced.
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