Offshore Accounts

IRS has aggressively pursued injunctions and prosecution of promoters of Abusive Tax Avoidance Schemes. These transactions have been widely known as Abusive Tax Avoidance Transactions (ATAT).  Read more http://www.irs.gov/businesses/small/article/0,,id=106788,00.html

IRS has expanded the program to include Abusive Offshore Tax Avoidance Schemes.  Since the UBS settlement IRS has aggressively pursued Abusive Offshore Tax Avoidance Schemes.  Read more http://www.irs.gov/businesses/small/article/0,,id=106568,00.html

It is important to undestand that all offshore accounts are not abusive or illegal.  If you have an offshore account or are concerned about your reporting requirements you should take action to learn more.  We have worked with over 80 clients with offshore accounts.  Call for a free confidential consultation at 1-800-447-6181.

If you are considering voluntary disclosure of offshore accounts to the IRS it is critical to learn as much as you can about the process and potential penalties you may face.  Voluntary disclosure of offshore accounts to the IRS should be taken very seriously. 

Read more: What You Should Know About Voluntary Disclosure of Offshore Accounts

Public attention to offshore accounts began in June 2008 when IRS announced it had filed a "John Doe Summons" seeking an order from a Federal court in Miami, Florida permitting IRS to request information from Swiss banking giant UBS about American taxpayers who may be using Swiss bank accounts to commit tax evasion.

Offshore accounts do NOT equal tax evasion. 

Being accused of tax evasion leaves a taxpayer feeling humiliated, vulnerable and uncertain who to trust.

It is your Consititutional right to avoid taxes (minimize your tax liability) by utilizing exemptions, deductions and exclusions Congress has provided.  This is not tax evasion.

Offshore accounts and who is involved is not limited to the information gained by the UBS scandal but is rapidly growing as the IRS gathers information through taxpayers who are voluntarily disclosing offshore accounts.  This is how the IRS gathers leads to other potential cases that may involve offshore accounts.

IRS is hiring hundreds of employees which is being referred to as "The IRS high wealth unit" to focus on trusts, real estate investments, privately held companies and other business entities controlled by rich individuals (http://www.msnbc.msn.com/id/34383346/ns/business-us_business/ ).

Read more: Offshore Bank Account Problems?