Offshore Hide and Seek with the IRS is Coming to an End

July 14, 2011

www.StopIRSDebt.com, experienced tax debt relief firm, stresses the importance of meeting the August 31, 2011 filing deadline for the 2011 Offshore Voluntary Disclosure Initiative (OVDI). With the goal of bringing offshore money back into the U.S. tax system, this initiative offers benefits to encourage taxpayers who have undisclosed foreign accounts to become compliant with U.S. tax laws.

Taxpayers using undisclosed foreign accounts to avoid paying their tax liability who miss this deadline will risk IRS detection and possible criminal prosecution. “We have seen an influx of clients who would like to take advantage of this initiative, but feel overwhelmed because they have not claimed the income for many years and fear the financial burden the disclosure may cause,” says Nicole Pokusay, Senior Lead Agent for StopIRSDebt.com.

The penalties in most cases are 25% of the amount in the foreign bank accounts in the year with the highest aggregate account balance in the 2003 – 2010 time period. Some taxpayers may qualify for lower rates under certain criteria. Participants must also pay back-taxes and interest for up to eight years as well as paying accuracy-related penalties. Says Pokusay, “To avoid prosecution and much more severe penalties and fees, we are assisting our clients with all necessary forms, letters and amended tax returns to meet the August 31 deadline.”

Combating international tax evasion is a top priority for the IRS. As IRS Commissioner Doug Shulman noted, “For those hiding cash or assets offshore, the time to come in is now. The risk of being caught will only increase.”

About StopIRSDebt.com – StopIRSDebt.com offers tax relief services for both state and federal tax debt. The team at StopIRSDebt has assisted thousands of customers and can service clients throughout the United States. Visit us on Facebook or follow us on Twitter. From tax preparation to lifting wage garnishments, our team of tax professionals is ready to assist you at 1-888-9-STOP-IRS.

1-888-978-6747 View all on one page
Success Stories
prev item
  • Ronald L. from Washington Total Savings: 100% Off!

    His tax bill was reduced from $169,000 to $0. How is that even possible!? We had to roll up our sleeves and get him compliant, and it had quite an effect...... Read more

  • Penny S. from Michigan Total Savings: $3,500,000

    Yes, she saved a lot of 0000's. But not everyone will float out of harm's way. If you owe the IRS back taxes, remember to accurately file your returns.... Read more

  • Arthur D. from Virginia Total Savings: $383,916

    Did he really save $383,916? Yes, he really did. And then some. Arthur D. had ignored his tax obligations for over ten years when he contacted our firm, and had...... Read more

  • John S. from Delaware Total Savings: $537,480

    He saved over $500,000! Like a tiger, tax debts are hungry predators. Not only do they grow quickly, but they sneak up fast and without warning, inflicting an incredible amount...... Read more

  • Steven G. from California Total Savings: $2,200,000

    StopIRSDebt.com compiled all the records of account, assembled all the bookkeeping, and filed the years to bring him compliant, which reduced the balance owed to $440,000. This initially saved the taxpayer $1,838,000.... Read more

  • Solon M. from Connecticut Total Savings: $119,000

    StopIRSDebt.com prepared a state Offer in Compromise which was accepted for $56,000 on the sales tax liability of $175,000. The balance was then structured for repayment over 60 months at $942.60 per month.... Read more

  • Ashraf I. from Texas Total Savings: $444,845

    He saved $444,845 after our audit representation! Sometimes, good things happen to good people in bad situations. Like Ashraf I. He was diligently running his company when the IRS audited...... Read more

  • Michael K. from Minnesota Total Savings: $178,216

    StopIRSDebt.com prepared an Offer in Compromise which was accepted for $5,000 on the $183,216 individual income tax liability... Read more

  • Sedalia W. from Oregon Total Savings: $48,971

    StopIRSDebt.com completed 1040X Amended U.S & OR tax returns. Reduced client’s balance to the IRS from $43,176 to $10,316... Read more

  • Vincent G. from California Total Savings: $30,000

    StopIRSDebt.com released Vincent's monthly wage garnishment and negotiated a partial pay installment agreement of $100 per month on a $40,000 tax liability. The taxpayer saved about $30,000... Read more

  • Ibrahim A. from Texas Avoided FBAR PENALTIES

    Ibrahim A. had several bank accounts overseas, and needed representation badly in order to avoid any criminal proceedings against him. Although the client came in too late for the 2008 Offshore Disclosure Program (OVDI), StopIRSDebt.com was able to qualify him...... Read more

  • David H. from California Total Savings: 50% Off!

    StopIRSDebt.com worked with the IRS Appeals division to lower the client’s $3,500 monthly payment plan down to $1,467 per month, thus reducing the client’s liability in half... Read more

next item