STGSILVER TAX GROUP
800-778-2741
Open 24 hrs / 7 Days A Week
Real Tax Attorneys For Real Tax Issues

Fast Action. Proven Results.

START WITH A FREE CASE EVALUATION

Significant targeting of offshore revenue by the IRS

Recent actions document IRS efforts to target offshore revenues. It appears that offshore voluntary compliance efforts now exceed more than $9.9 billion in collected taxes, penalties and interest since 2009.

An IRS announcement states that their efforts have brought close to 100,000 taxpayers into compliance regarding offshore requirements. This includes 55,800 taxpayers resolving their tax obligations through the Offshore Voluntary Disclosure Program (OVDP). It also includes another 48,000 using other streamlined procedures to correct what the IRS labels β€œnon-willful omissions.”

OVDP encourages taxpayers to become current on their tax returns. Otherwise, the IRS may detect noncompliance at a later date and issue even more severe penalties that could include criminal prosecution.

It is reasonable to believe that such efforts will continue. Under the Foreign Account Tax Compliance Act (FATCA) and other intergovernmental agreements, more information regarding foreign accounts will continue to pour into IRS offices. The IRS warns that participating banks concerning these agreements will continue to provide information regarding noncompliance with reporting requirements. This includes information obtained from the Department of Justice Swiss Bank Program.

As we mention on our website, anyone with foreign offshore assets of $10,000 or above may receive unwanted attention from the IRS. If the agency thinks you owe taxes or have failed to disclose that financial assets exist, this could result in seizure of assets, bank levies, wage garnishment and possibly even prison time.

For this reason alone, it can be extremely beneficial to have knowledgeable tax counsel on your side. Also, the complexity of offshore reporting requirements makes it even more important to be sure you are in compliance with tax rules and not inadvertently violating IRS regulations.

No Comments

Leave a comment
Comment Information

When you hire us, we can help: you:

  • Obtain emergency relief from IRS actions
  • Stop the IRS from garnishing your wages
  • Prevent levees from being placed on your bank accounts
  • Keep tax payments and penalties from spiraling out of control

Phone Answered 24/7

We are always available to answer your questions and put your mind at ease.

Call us today at
800-778-2741 for a free initial consultation

Competitive Pricing

We offer flat fees that fit your needs and your budget.

Read Our Pricing FAQ

What Past Clients Say About Us

β€œI know I won't be getting those frightening letters anymore thanks to Chad Silver - such a weight off my mind!” - A. Gould, Ohio

Read More Testimonials

A Real History of Success

IRS debt of $682,437, Attorney Silver and his team negotiated the Debt down to zero.

View More Results

You Can Fight The IRS And Win. We Can Help.

No matter where you are in the process, we can help you make the best of your situation. Call us toll free at 800-778-2741 for a free case evaluation.

Get A Free Consultation »
PRACTICING TAX LAW NATIONWIDE

Privacy Policy | Business Development Solutions by FindLaw, a Thomson Reuters business.

Back To Top