The Federal government, including the IRS, is engaged in intensifying efforts to increase collection of taxes on assets and income originating in other countries. U.S. citizens and permanent residents who have assets and income from abroad should be alert to the likelihood of being targeted in an audit. Take action now to avoid litigation or prosecution later.
Even if you have, or if your business has, successfully kept assets overseas without reporting them to the IRS for years, do not assume that it will continue to be safe to do so. Get legal advice now and take steps to disclose assets before you are forced to do so. If you have already been notified that you are to be audited, contact a knowledgeable tax lawyer immediately.
See the web pages listed below for information on how Brown, PC, can help you address your offshore accounts and prevent or resolve international tax disputes.
- The 2011 IRS Offshore Voluntary Disclosure Initiative
- Offshore Account Enforcement
- Switzerland Starts to Come Clean
- Department of Justice Examining HSBC's Offshore Activity
- HIRE Act Forces American Expats into Financial Exile
- Holocaust Defense Doesn't Save Former UBS Client from Prison Sentence
- IRS Whistle-Blower on UBS Case
- Voluntary Disclosure and Offshore Accounts
- Law Makers Attack Offshore Tax Evasion with New Bill
- U.S. Tax Authorities Lean On UBS for Disclosures
- Cracks in Switzerland's Agreement to Release UBS Client Data to IRS
- Second Special Voluntary Disclosure Initiative
- Offshore Accounts in Government Crosshairs
- Legislative Change in Switzerland
- Vodafone to Appeal Indian Court Ruling
