The IRS Network of Inter-Governmental Agreements (IGAs) is growing at a rapid rate. The IRS continues to expand the number of international banks, financial institutions and investment houses and sovereign tax agencies who provide detailed financial reports on US taxpayers accounts, balances and transactions.
John Koskinen, the IRS Commissioner recently said “The groundbreaking effort around automatic reporting of foreign accounts has given us a much stronger hand in fighting tax evasion. People with undisclosed foreign accounts should carefully consider their options and use available avenues, including the offshore program and streamlined procedures, to come back into full compliance with their tax obligations.”
On November 1, the IRS reported that 54,000 US taxpayers had taken advantage of the Offshore Voluntary Disclosure Program (OVDP) or the Streamlined Domestic Offshore Procedures to come into FBAR compliance with the IRS. This is a small percentage of the hundreds of thousands of US taxpayers who have offshore accounts and assets. If the IRS numbers are correct, there are hundreds of thousands of US taxpayers who are going to face harsh and potentially criminal consequences for the failure to act.
The experienced tax attorneys at Allen Barron will provide informed expertise and the protections of the attorney-client privilege. We will ensure that you comply with IRS FBAR requirements while protecting your interests to ensure that your exposure is reduced. Call today for a free and substantive consultation at 866-631-3470.