As more taxpayers with undisclosed offshore accounts are indicted by the Department of Justice, Lawyers specializing in offshore accounts tax laws would like to emphasize the opportunity the New Amnesty Program provides for those who have not advanced to avoid criminal charges that may include penalties. financial overload and containment.
With the launch of the 2011 Offshore Voluntary Disclosure Initiative (“OVDI”), the Internal Revenue Service and the Department of Justice have taken a step forward with all cases of undisclosed offshore accounts. According to a law firm that represents taxpayers across the US and around the world with undisclosed offshore accounts, there is hope in the next few months that the government will charge other taxpayers with undisclosed offshore bank accounts at UBS and other international banks. around the world. This is only the beginning.”
According to the Department of Justice, on December 17, 2010, another undisclosed UBS account holder, Arthur Joel Eisenberg, pleaded guilty in federal court in Seattle, Washington. Eisenberg was charged with knowingly filing a false tax return and failing to disclose interest-bearing offshore accounts. In addition to the detentions, Eisenberg paid a $2.1 million fine for failing to file Foreign Bank Statements and Financial Account Forms (better known as “FBARs”).
Taxpayers with undisclosed offshore bank accounts need to understand that the pressure will only increase going forward as governments obtain more information from banks and often from other advanced taxpayers, their ability to reduce financial and criminal exposure decreases. I believe this is the right time for taxpayers with undisclosed accounts to take advantage of the Internal Revenue Service’s New Amnesty Program for undisclosed offshore account holders.”
The Internal Revenue Service is relentless in its pursuit of this matter as it is a premeditated major defiance of United States law that will no longer be tolerated.
Holders of undisclosed offshore banking accounts must report before the government files a civil audit or criminal prosecution against them which could result in significant financial penalties and possible detention. Immediate action and experienced tax law representatives are required to voluntarily disclose your account to avoid criminal prosecution.
The IRS has made every effort to provide many opportunities for Undisclosed Offshore Account Holders to come forward over the past year and, although undetermined at this time, it is highly unlikely that another window of opportunity will occur after the IRS Voluntary Disclosure program ends.
