Metro Area: Greater Jacksonville, FL MSA
IRS Tax Settlements for Offshore Bank Accounts
If you live in Jacksonville and you have undeclared money in offshore bank accounts, you should act now. You can reduce chances of criminal prosecution against you and reduce severe IRS penalties if you act now. It is possible to find out a structured IRS payment plan for IRS tax settlement of your offshore bank accounts.
The federal government loses billions of dollars in tax revenue due to offshore accounts of American taxpayers. If you have offshore bank accounts and you haven’t declared the money on your tax returns, you may mean big problem. The IRS now also has an agreement with Swiss Banks, such as UBS, by which they have unprecedented amount of information about offshore bank accounts. The IRS can now investigate offshore bank accounts of high net worth American individuals.
If you have already missed the October 15, 2009, tax amnesty deadline for voluntary disclosure, you can still get the necessary tax help. Getting professional tax representation to help you with your offshore bank accounts will help you reduce severe IRS penalties.
It is always better to disclose your foreign funds in the offshore bank accounts and pay due taxes on them for your peace of mind. If you haven’t disclosed it, and you fear that the IRS may find out, you should immediately contact a tax attorney or an IRS licensed enrolled agent.
Tax Help for Declaring Offshore Bank Accounts:
If you, as a taxpayer, missed the voluntary disclosure memorandum by the October 15th filing deadline, which qualifies you for tax amnesty, you should immediately get tax help from expert tax professionals.
IRS’s Criminal Investigation Division (CID) manages all offshore reporting activity. The Foreign Bank Account Reporting (FBAR) penalties for not filing and meeting the amnesty guidelines are severe: FBAR penalties can be 200-300% of the asset value of the account. The CID can also make a referral to the U.S. Department of Justice for felony indictment. If you are convicted of the crime, you can get 10 years in prison.
Settlement
You can seek the penalty abatement process with the help of an expert tax representative or tax resolution service provider, who will try to minimize or reduce the impact of IRS penalties. The IRS licensed enrolled agent or the tax attorney take over the communication with the IRS on your behalf, make the disclosures necessary, file the FBAR reports and amend your tax returns.
Get expert tax help today by calling Mike Habib, EA at 877-788-2937
Tax problem resolution services, IRS tax help and tax relief services in Jacksonville, St. Augustine, Fernandina Beach, Jacksonville Beach, Orange Park, Middleburg, Duval County FL, and other cities in the state of Florida