Bring Offshore Money Home to the United States- Without Fear.

The Internal Revenue Service announced in IR-2011-14 on February 8th, 2011 a new Special Voluntary Disclosure Initiative.
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Feb. 14, 2011 - PRLog -- San Francisco-CA – The Internal Revenue Service announced in IR-2011-14 on February 8th, 2011 a new Special Voluntary Disclosure Initiative. Directed to those with foreign accounts, the program is designed to bring offshore money back into the US tax system. The benefit is clear – come forward now or risk detection and possible criminal prosecution by the Federal Government.  This is the second voluntary disclosure program for those with foreign accounts.  The initial program which ended October 15, 2009 was used by many with hidden accounts in varying amounts in numerous countries. Taxpayers using this initiative have a deadline of August 31, 2011 to take advantage of the program before the door shuts.

Any taxpayer with foreign earnings or a foreign bank account must report this information to the IRS.  Failure to do so might bring criminal charges that could result in being sent to prison and the payment of extremely large penalties.  Very simplified, the 2011 voluntary disclosure program involves paying back taxes and interest, for a specified time period, on any unreported income plus possibly paying a penalty of varying amounts depending on the various facts and circumstances of each person.  However, depending on the kind of foreign accounts and the amount within, other forms such as an FBAR or Foreign Bank Account Report must also be filed.  The Law Offices of Stephen Moskowitz, LLP has tremendous experience with foreign account tax issues and can advise on all options of this voluntary disclosure program.  

The Law Offices of Stephen Moskowitz, LLP a tax law firm has seen the IRS and State become more aggressive in the pursuit of taxes owed from both domestic and foreign sources.  Senior Partner Steve Moskowitz who has practiced tax for over 30 years provides his professional guidance to use the program effectively.  His tax law firm knows that the IRS is only increasing efforts to find hidden accounts and has indicated the punishment possible for those that do not comply with the law.  The Law Offices of Stephen Moskowitz, LLP located in the financial district of San Francisco has the tax experience needed to resolve foreign issues and a wide variety of other tax problems or matters foreign or domestic.  
Visit or call 415-394-7200.

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About the Law Offices of Stephen Moskowitz, LLP: A tax firm located in the Financial District of San Francisco. Our practice covers the entire spectrum of the United States Tax Code in light of individual and business needs. Steve Moskowitz, our senior partner has been in practice for over three decades and has been affiliated with prominent tax law firms worldwide. We pride ourselves with our continual innovation and prudent creativity when it comes to strategizing for and defending our clients. Our representation of individuals, financial enterprises, and governmental bodies routinely includes audits, investigations, transactional planning and execution, tax return preparation, tax payment problems, and all tax controversy matters in local, national and international venues.
Source:Roxanne Alaniz
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Tags:Tax Attorney, Foreign Bank Account, Irs, Tax Problems, Legal Analyst
Industry:Business, Finance, Legal
Location:San Francisco - California - United States
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