IRS Continues to Investigate Offshore Accounts

Published on February 2017 | Categories: Documents | Downloads: 27 | Comments: 0 | Views: 143
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IRS Continues to Investigate Offshore Accounts: IRS Amnesty Program Way Out!  Out!  The IRS¶s New Amnesty Program can help individuals with undisclosed accounts avoid incarceration but the program expires expires on August 31, 2011. I believe this is is the perfect time for  for  taxpayers with undisclosed accounts to take t ake advantage of the IRS¶s New Amnesty Pro Program gram for  undisclosed offshore accounts. DOJ has recently indicted more UBS account holders and continues to investigate investigate other ot her banks around the world. The pressure wil willl only intensify going going forward as the government obtains more information from banks and individuals. I would not wait because participation part icipation in the Amnesty Program must be completed by August Augu st 31, 2011, not just entered! A California Federal Judge signed an Order on April 7, 2011, giving the Internal Revenue Service the right to serve serve a summons on HSBC USA. The summons summons would provide the government with the identity of current taxpayers t axpayers whose accounts are already in quest question. ion. Over the last few months, the U.S. government has come to believe that many unnamed US taxpayers have been investing invest ing with HSBC India and Singapore through t hrough HSBC USA. These taxpayers were instructed under faulty tax advice from HSBC banking representatives in order to evade federal taxes. U.S. taxpayers should should come forward and discl disclose ose all previously undisclosed foreign accounts with HSBC before the t he U.S. government co contacts ntacts them. Contact an experienced tax attorney that specializes in the IRS Voluntary Disclosures Disclosures today in order to better assess your criminal exposure. Do not wait, the program closes on August 31, 2011. On April 13, 2011, Josephine Bhasin, a U.S. taxpayer with an o offshore ffshore account held with HSBC  pled guilty to charges ofHuntington, willingly filing tax returns, false amended and false FBARs. Ms. Bhasin Bhasin of NY,false maintained approximately $8.3tax mil. milreturns, . in her HSBC account during 2008. The HSBC account holder will receive a maximum sentence of 3 years in  jail and a maximum fine fine of o f $250,000. These criminal penalties are in addition add ition to civil penalties, which Ms. Bhasin has agreed to; to ; the arrangement includes a civil penalty o off 50% of the high year  on the account during 2004 to 2009. An Order was granted for for the IRS in regards to a The The John Doe Summons and could help the government build cases against U.S. U.S . taxpayers who are believed to be evading taxes. A voluntary disclosure can help prevent this outcome.

 

The attorneys at Thorn Law Group have experience in assisting assisting U.S. taxpayers taxpa yers into compliance through voluntary disclosure. If you have an undisclosed offshore account contact Thorn Law Group today.

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