You may be a potential IRS target if you have an offshore bank account anywhere, not just in Switzerland
Encino, CA (Vocus) May 13, 2010
A reported 19,000 Americans face severe penalties, including hefty fines and jail time, as the IRS continues to aggressively target taxpayers hiding income in offshore accounts. The recent UBS tax ruling has also inspired the IRS to invest $20 billion in a new program that will track high-wealth individuals operating globally and smoke out more tax revenue from offshore hiding places.
“You may be a potential IRS target if you have an offshore bank account anywhere, not just in Switzerland,” said Brian Compton, President of Tax Resolution Services Co., (TRS). “It doesn’t matter if you have the account for Holocaust reparations, an overseas job, operating expenses for a vacation home, or funds from a married spouse from another country – you could be the next victim of the IRS’s intensified federal crackdown on offshore accounts.”
TRS recently announced the launch of its specialized Offshore Banking and FBAR Defense Division headed by Compton, one of the nation's leading offshore tax evasion defense experts. Compton personally oversees all offshore tax evasion defense cases and works closely with the firm’s team of IRS and legal experts (tax attorneys, CPAs) to help clients disclose overseas funds, obtain FBAR compliance and reduce severe IRS penalties.
According to Compton, IRS back tax penalties for offshore accounts can add up to double or triple the amount that is hidden in those accounts. If you think your offshore bank account may be a potential IRS target, it’s important to follow the IRS’s disclosure guidelines to avoid huge fines and penalties, including jail time.
“If you contact the IRS yourself, any mistake you make can have severe consequences,” Compton said. “Tax evasion carries a five-year sentence, while failure to file FBAR reports is punishable by a 10-year sentence – so you will need an experienced FBAR tax attorney or tax resolution specialist on your side.”
Tax Resolution Services, Co. is dedicated to providing affordable solutions to businesses and individuals alike who find themselves in trouble with the IRS. Their expert team of tax attorneys, CPAs, and Certified Tax Resolution Specialists has a success rate of 90% - second to none in the industry - and an Offer in Compromise Settlement Rate of $0.11 on the dollar. For more information or to receive a free tax relief consultation, visit TaxResolution.com or call 866-IRS-PROBLEMS.