Tax Relief Review: Ibrahim A. from Texas

Tax Relief Review: Client avoids HUGE offshore banking penalties!

In our latest tax relief review, we present a story of offshore banking. By now, most everyone has heard of the massive IRS crackdown against foreign bank accounts. This all stems from the AIG fallout several years back wherein various companies turned over thousands of Americans to US officials for hiding money overseas. The Offshore Voluntary Disclosure Initiative (OVDI) requires that taxpayers with foreign bank accounts exceeding $10,000 come forward to avoid criminal prosecution. As you can imagine, these issues are like having a tax debt on steroids.

A Long Story, Short

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), was able to qualify him for the 2011 Offshore Disclosure Initiative and worked with the Criminal Investigation Department to make sure that the he would not be charged with criminal penalties. We were then able to transfer his case out of the criminal investigation department to the civil side of the IRS and amended his tax returns for 2003-2008 to include the offshore income. Additionally, prepared all the other forms required by the Offshore Voluntary Disclosure Initiative. We are currently waiting for the revenue agent to be assigned to the client’s case. Together, we will work out the lowest possible penalty for the FBAR.

We’re glad Ibrahim A. took control of his tax debt and came to us for help. We know that sometimes good people make bad decisions in regards to their tax obligations. But coming forward and resolving them is something we’re proud to help our clients with. And while we don’t endorse the use of steroids, we earned super-sized results for Ibrahim A.!

Want to know more about foreign banking issues? Click Here

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