Tuesday, February 8, 2011

IRS Today Announces New Voluntary Offshore Disclosure Program for 2011 for Undisclosed Foreign Assets and Financial Accounts

The IRS TODAY announced a New 2011 Voluntary Offshore Disclosure Program which will be available through August 31, 2011. It gives taxpayers who are hiding assets abroad, or not disclosing those assets on their tax returns as required by tax law , or those who failed to  file the required forms disclosing their assets abroad asecond chance to come out of the closet. The new program will give participants  reduced penalties from those they would have paid if they did not enter the program. The new program's penalties however are in many circumstances higher than those charged participants in the 2009 Offshore Voluntary Disclosure Program which ended 10/15/09.  Over 15,000 taxpayers participated in the original program and over 3,000 taxpayers have  since that time have filed to  disclose foreign bank accounts which had not previously been disclosed to the IRS.

Many informal estimates indicate that there are a large number of US Citizens not disclosing their bank accounts, real estate and corporation ownership in Mexico. This program offers the opportunity to reduce your potential criminal and civil penalties if you have not been reporting these assets as required by the Federal Tax Laws.

Read more about the program here.  Our firm counseled and represented many  clients concerning the previous Disclosure program. Please contact us if you need assistance of an Attorney CPA with this New program.You can discuss your situation and we can help you develop a strategy with the protection provided by the confidentiality of Attorney-Client Privilege. 

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