There are many signs that the IRS is intensifying its enforcement of taxpayer accountability for assets and income derived from or deposited in other countries. Offshore account enforcement efforts by the government should be taken very seriously by citizens and legal permanent residents of the United States.
If you have not yet run into trouble with the IRS over your deposits in foreign banks, it is important to disclose those assets as soon as possible. Taxpayers who come forward are much less likely to be prosecuted for unpaid taxes on these accounts. Discuss your situation with an experienced tax litigation lawyer for advice on how to make a voluntary disclosure in such a way as to avoid criminal charges. Contact Brown, PC, to schedule a consultation regarding your offshore accounts and tax liability.
IRS offshore account enforcement efforts currently include the following activities:
- Close examination of thousands of voluntary disclosures, which help identify key players such as banks, attorneys, CPAs and investment advisors. These key players along with information obtained through the UBS case and the Offshore Settlement Initiative may, in turn, help the IRS find other U.S. taxpayers who are hiding assets and income in other countries.
- Announcements by the IRS of plans to audit and investigate more Americans with income, accounts and trusts from overseas.
- Increased hiring of hundreds of additional IRS personnel whose jobs will be dedicated solely to offshore account enforcement and international taxation compliance.
- New Tax Information Exchange Agreements (TIEA) with Liechtenstein and Switzerland as promoted by the Organization for Economic Cooperation and Development (OECD).
- Pledges by other countries, such as Luxembourg, Austria, Andorra, Monaco and others to share account and tax information, further facilitating international tax enforcement.
- Increased government challenges against American taxpayers with offshore hidden assets and income offshore as well as investigations of, and charges against, associated lawyers and accountants.
- Increased attention by powerful players on Capitol Hill, as well as the U.S. President and Treasury Department to the issue of offshore accounts and tax evasion
Failure to disclose the offshore accounts on Schedule B of Form 1040 and FBAR can result in severe civil and criminal penalties. Voluntary disclosure with offshore accounts should not be delayed or postponed, if you wish to avoid prosecution.
Tax attorney Lawrence Brown offers the benefit of his extensive experience to individuals and businesses in the Washington, D.C., area, in Dallas-Fort Worth, Texas, and nationwide. His former career as a trial attorney with the Department of Justice Tax Division gave him many tools and insights that have proven successful for many clients of Brown, PC, who faced tax problems such as nondisclosure of overseas accounts.
Contact an Experienced Tax Law Attorney Serving Clients in Washington, D.C., and Beyond
For counsel and representation regarding IRS enforcement of taxation of offshore accounts and assets, contact Brown, PC, at 888-870-0025 or e-mail the law firm through this website. Our main offices are located in the Dallas-Fort Worth, Texas, Metroplex, and we also represent clients in Washington, D.C., and throughout the United States and the world. For more information, please visit our offshore tax website at www.browntax.com