The IRS has set its priorities for the coming year. It is no secret, they are going after those who evade their responsibility to pay their taxes. Foreign banks in bank secrecy jurisdictions have turned over literally thousands of names to the IRS to settle civil lawsuits brought by the United States Department of Justice in an effort to catch those that use foreign institutions to evade U.S. Tax obligations.
The IRS has given these types of taxpayers two opportunities to come forward voluntarily with voluntary disclosure initiatives which were done to give taxpayers fair notice that the IRS would no longer tolerate these types of foreign arrangements,
Approximately 19,000 taxpayers came forward and disclosed their foreign relationships through these two programs.
Now, the IRS plans a renewed effort to uncover hidden assets with new laws, new international information exchange agreements, and further use of the courts. The IRS has found that there is approximately 96 percent compliance with the tax laws where there is accurate information reporting, and only 50 percent compliance where there is not. It is a high priority of the United States to close this gap.
So beware and if you are one of the remaining taxpayers that has a foreign account that is not disclosed, see a tax attorney immediately to discuss your options. Remember that the IRS intends to criminally prosecute these offenders in the future that did not come forward when they had the opportunity.
The IRS has given these types of taxpayers two opportunities to come forward voluntarily with voluntary disclosure initiatives which were done to give taxpayers fair notice that the IRS would no longer tolerate these types of foreign arrangements,
Approximately 19,000 taxpayers came forward and disclosed their foreign relationships through these two programs.
Now, the IRS plans a renewed effort to uncover hidden assets with new laws, new international information exchange agreements, and further use of the courts. The IRS has found that there is approximately 96 percent compliance with the tax laws where there is accurate information reporting, and only 50 percent compliance where there is not. It is a high priority of the United States to close this gap.
So beware and if you are one of the remaining taxpayers that has a foreign account that is not disclosed, see a tax attorney immediately to discuss your options. Remember that the IRS intends to criminally prosecute these offenders in the future that did not come forward when they had the opportunity.
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