Offshore Bank Account Holders Still Need Tax Relief as IRS Plans Further Actions

Dec. 17, 2010 - PRLog -- Encino, CA, December 17, 2010 -- For those who hold offshore or other undeclared foreign accounts, it’s time to become compliant. That is the message the IRS is sending to Americans who have sheltered funds in other countries. The IRS has been putting tremendous pressure on foreign banks—with success—to disclose their American account holders. Swiss giant UBS, in the face of legal action by the IRS, finally capitulated and disclosed its American clientele, and the IRS told The Wall Street Journal that it has additional cases and banks in its sights.

Many taxpayers, some of whom do business in foreign countries, have feared the penalties involved if they disclose their overseas assets. The 2009 voluntary-disclosure limited-amnesty program brought some 15,000 Americans into compliance, and the IRS is considering a second voluntary disclosure program, but with higher penalties than for the first group.

For taxpayers who believe they owe back taxes on foreign accounts, now is the time to come forward—but not without professional IRS help, says Brian Compton, one of the nation's leading offshore tax evasion defense experts.

“Due to the severity of the penalties and criminal implications, it is not in the account holder’s best interest to wait for the IRS to approach them,” said Compton, President of Tax Resolution Services, Co. “Coming forward before the IRS is not something you do by yourself, and offshore account holders must be prepared to follow rigid procedures to ensure they get favorable treatment from the IRS.”

Those who do business overseas often have foreign accounts that must be in compliance with the Foreign Bank and Financial Accounts (FBAR) regulations. Penalties for noncompliance can amount to 200 to 300 percent of the amount owed.

“You will need help from experts including tax attorneys and CPAs who have experience successfully helping clients disclose overseas funds, obtain FBAR compliance and reduce severe IRS penalties,” Compton said.

Tax Resolution Services, Co., is dedicated to providing affordable solutions to businesses and individuals alike who find themselves in trouble with the IRS. Our tax attorneys, CPAs, and tax relief professionals have successfully resolved thousands of cases since 1998 and are committed to making sure our clients’ experiences exceed their expectations. For more information or to receive a FREE tax relief consultation, visit www.TaxResolution.com or call 888-851-5894.

Contact:
Debbie Edwards
Tax Resolution Services, Co
Encino, CA
(818) 774-1813 ext. 326
Debbie@taxresolution.com
http://www.taxresolution.com