Though the act claims that if the taxpayer discloses the money they have overseas that has been unclaimed they will not take legal action, it is best to have representation.
(PRWEB) February 23, 2012
The IRS has released a new option for Americans known as the Voluntary Disclosure Act and, the IRS today announced that it has made available information in eight foreign languages about the 2011 Offshore Voluntary Disclosure Initiative (OVDI) for those taxpayers with undisclosed offshore accounts. The agency took this step to reach taxpayers whose primary language may not be English. The IRS is offering people with undisclosed income from offshore accounts an opportunity to participate in a new, voluntary disclosure initiative to get current on their tax returns. The 2011 OVDI will be available only through Aug. 31, 2011. The news release, announcing the agency’s terms for its offshore voluntary disclosure initiative was translated into Chinese (Traditional and Simplified), Farsi, German, Hindi, Korean, Russian, Spanish and Vietnamese. The agency has taken this step to get information about the initiative to people that need it in response to requests made by taxpayers and tax professionals. A similar effort took place in 2009, when the IRS translated material on its special provisions for undisclosed offshore accounts into several languages. The 2011 initiative has a higher penalty rate than the previous voluntary disclosure program, which ended on Oct. 15, 2009, but offers clear benefits to encourage taxpayers to disclose foreign accounts now rather than risk IRS detection and possible criminal prosecution. Taxpayers participating in the new initiative must file all original and amended tax returns and include payment for taxes, interest and accuracy-related penalties by the Aug. 31 deadline. http://www.irs.gov.
Tax resolution companies are now seeking to help Americans in this position. Though the act claims that if the taxpayer discloses the money they have overseas that has been unclaimed they will not take legal action, it is best to have representation.Tax attorneys and Enrolled Agents are highly skilled in working with the IRS on high end cases such as these. Many of them are very complex as the money being kept overseas can be in the millions. Tax resolution have helped hundreds of Americans work with the Voluntary Disclosure Act and got them into compliance without great expense to their assets.