With the U.S. government running big budget deficits over the past couple years, tax authorities are launching new amnesty programs to recoup as much tax revenue as possible. The Internal Revenue Service has opened new ways for people to settle their tax issues and leave all parties satisfied.
The latest one was announced on Tuesday, when the IRS offered a new amnesty program for those with offshore accounts. It’s a second such program, but with a bigger penalty than the previous one. With this latest initiative, Americans with hidden offshore accounts have until August 31 to voluntarily report them and face penalties that are lower than normal. As an added bonus, those who voluntarily come forward and report their hidden accounts will not face prosecution.
Source: New York Times
This program signals a new era of cooperation between the IRS and the US taxpayer. In an era of large budget deficits, US tax authorities are more friendly to those who come forward and try to resolve their tax issues. Our firm has helped represent many with offshore banking issues, and can intercede on your behalf to work between you and the IRS to bring resolution and hep you avoid penalties and prosecution.
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