The IRS has obtained foreign bank account and investment information that will tie specific foreign assets to unique US social security numbers. Many US taxpayers have attempted to shield assets and income from US taxes through offshore bank and investment accounts, foreign corporations and income producing property. Recent agreements with the majority of Swiss banks and financial institutions, as well as global banks and sovereign taxation authorities have provided the IRS with detailed account information that they can track back to a specific US taxpayer. The process of sorting that information and identifying non-compliance begins in less than a week: July 1, 2014. You have until August 15, 2014 to apply for streamlined procedures that could reduce penalties from 27.5% to 5% for “non-willful” conduct, and limit to the look-back period to 3 years (presently 8 years). Once the IRS has linked offshore account information to you personally, and compared this information to your past FBARs and other foreign asset IRS forms, they will be able to prove that you have unreported or under-reported foreign assets, and you will be exposed to penalties and fines up to 50% and potential criminal prosecution. Call 866-631-3470 today for a confidential and complimentary initial consultation, and learn about opportunities to come into compliance while substantially reducing the monetary and legal exposure you presently face.
