Recently, there have been many cases of people who are trying to determine a strategy for moving large sums of money from offshore accounts to accounts here in San Diego. It has become clear that money hidden in Swiss institutions and other world tax safe havens is no longer, well, hidden or safe. So how can we move that money back into the United States? The bottom line here is that you simply will not be able to. There is no legal mechanism, trust, business entity or other strategy to allow income to be brought into the US without triggering the attention of Banking Regulators or the IRS. The IRS will want to know what the source of the money is, and how it was obtained.

Tax reporting will require extensive documentation and the IRS has the authority to look back for years in an attempt to confirm and track capital. There is no statute of limitation on tax fraud, so if you’ve hidden the money, assets and associated gains it will never be free and clear. Even if you repatriate the funds, the fact that they were hidden from the IRS leaves the door open, forever, for the IRS to go back and make its own determination on where they came from, ultimately exposing you to heavy taxation, penalties and interest, as well as criminal tax evasion charges. They recently put an 82 year old Florida man in jail. They aren’t going to give any consideration to your age, health or plight.

The time has arrived to finally come clean with the IRS, and there are multiple options for you to consider, which can reduce the financial impact on your assets and accounts. If you wish to bring a large sum into the United States don’t you want to be able to build upon that with confidence, without having to look over your shoulder wondering when the IRS will show up and seize all of it? They might even seize you. Call the experienced tax attorneys at Allen Barron today at 866-631-3470. We can provide the protections of attorney-client privilege and help you to work through your unique circumstances and identify potential options to resolve gray areas and remove contingent liabilities for tax evasion and potential penalties and interest.

 

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Contact an Estate Planning, Business Law Or Tax Attorney Today

To set up a free, no-obligation consultation with one of our knowledgeable San Diego based estate planning, business and tax lawyers, or learn more about our tax preparation, accounting and business advisory services call us at 866-631-3470 or contact us.