Encino, CA (PRWEB) July 19, 2011
The IRS is cracking down on foreign accounts, but for a short time they are offering a voluntary disclosure program that should be taken advantage of. The Offshore Voluntary Disclosure Initiative (OVDI) deadline ends August 31, 2011. "It’s time to report offshore bank accounts to the IRS before they find and fine you," says Michael Rozbruch, CEO of Tax Resolution Services, Co., the Nation’s leading tax relief firm. “But you don’t have to go it alone, having experts on your side can be invaluable.”
With increases in IRS enforcement on offshore accounts, it is extremely crucial to understand everything required by law if you have foreign bank accounts or have signatory authority over an offshore account. What people don’t always understand is that they don’t have to go to the IRS alone – as a matter of fact, consumers would be ill-advised to handle this type of (potential criminal) matter on their own without expert professional representation in your corner. Rozbruch says, “The IRS is the most brutal collection agency on the planet. The value of having expert tax resolution attorneys or tax resolution specialists to help you through disclosing the offshore bank account maze can save time, headache and money.”
In 2009, the Internal Revenue Service offered a voluntary disclosure program for those with unreported offshore income to pay back taxes for the previous six years. Now, a second voluntary disclosure program exists to help consumers report offshore bank accounts. “The time to get offshore bank accounts disclosed to the IRS is now, especially as they are stepping up their crackdown on offshore tax evasion. Combat this before the IRS contacts you!” says Rozbruch.
Failure to comply with IRS regulations regarding offshore bank account disclosure will result in severe tax penalties that could debilitate your financial well-being for life. Neglecting to report income in foreign bank accounts has serious consequences; there are civil and criminal penalties, and both can be imposed in appropriate cases. A certified tax resolution specialist can help resolve IRS tax problems if your offshore account comes under scrutiny by the IRS. If you owe back taxes on undeclared funds in overseas bank accounts, you must be proactive about disclosing your foreign funds to help significantly reduce your chances of criminal prosecution and minimize severe IRS penalties
Learn more about Tax Resolution Services and their work in the tax resolution industry, visit http://www.TaxResolution.com and http://www.TaxProblemResolutionServicesCoalition.com.
Tax Resolution Services, Co., is dedicated to providing affordable solutions to businesses and individuals alike who find themselves in trouble with the IRS. Their tax attorneys, CPAs, and tax relief professionals have successfully resolved thousands of cases since 1998 and are committed to making sure clients’ experiences exceed their expectations. For more information or to receive a free tax relief consultation, visit TaxResolution.com or call 888-851-5894.
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