IRS Crack Down on Secret Offshore Banks is Causing Taxpayers to Come Forward to avoid Criminal and Civil Charges.

The IRS is actively pursuing individuals living abroad who have not reported on their tax returns hidden assets such as foreign bank accounts, foreign corporations, trusts (fideiciomisos) and other foreign financial activities in the proper manner. Click on the title to his article to read more about the most recent developments and the criminal and civil penalties that may result.

One of the of first individuals to plead guilty is from Malibu California. He had over many years built up a foreign bank account to approx. $1 million but had never filed the TDF 90-22.1 form to report it to the IRS. Most experts feel is is only a matter of time before the IRS starts getting list of US account holders from banks everywhere in the world including Mexico.

The IRS Voluntary Offshore Disclosure Progam ends on 9/23/09. Read more about it on our Sister Blog at www.usexpatriate.blogspot.com and at www.TaxMeLess.com