IRS announced earlier last month that it will end the voluntary disclosure program it opened in 2009. Since 2009, tens of thousands of individuals have come forward to voluntarily disclose their foreign financial accounts, taking advantage of special opportunities to comply with the U.S. tax system and resolve their tax obligations. IRS has reported that more than 56,400 disclosures has been made and the IRS has collected more than $11.1 billion by the disclosures made.
Over the past few decades, numerous individuals have been identified trying to evade U.S. taxes by attempting to hide income in offshore (foreign) banks, brokerage accounts or nominee entities. These individuals would then access the funds using credit cards, debit cards, wire transfers or other established means to access the funds.
The IRS has been using the information it has gained from its investigations to pursue taxpayers whom have not declared accounts as well as bankers and others suspected of helping clients hide their assets overseas.
If you maintain such foreign bank accounts and have not yet comply with reporting requirements of IRS you may be subject to significant fines, as well as the possibility of criminal prosecution.
Call our offices today @ 855 - JPC - LAW 2 for more information about how you can take advantage of the voluntary disclosure program while there is limited time left to do so.