Many US taxpayers may be disappointed to learn that their application to participate in the IRS’ Streamlined Domestic Offshore Procedures was denied, and that they face the full force of civil and potentially criminal ramifications of under-reported offshore accounts and assets. In order to participate in the streamlined program the IRS must “agree that the taxpayer is eligible,” and that “available information is consistent with the taxpayers certification of non-willful conduct.” What happens if the IRS doesn’t accept the application?
If you have not been accepted to the streamlined process contact our office immediately for a free consultation at 866-631-3470. The IRS has its own information newly obtained from agencies and institutions around the world. They may believe that a taxpayers actions do not constitute “non-willful conduct” and pursue them for a variety of monetary damages including back taxes, penalties, interest, civil fraud penalties, failure to file, failure to pay as well as substantial penalties for violations of Sections 6038, 6038A, 6038B, 6038C, 6046 and 6046A of the US tax code. There may also be criminal tax implications. The costs can be staggering, and you should act immediately.