Offshore Voluntary Disclosure
IRS Amnesty Program and IRS Voluntary Disclosures: A Boston Tax Lawyer Explains
On January 9, 2012, the IRS introduced the reopening of its Offshore Voluntary Disclosure Program for Undisclosed Offshore Accounts! To enter this program taxpayers with undisclosed accounts must file a Voluntary Disclosure.
Voluntary Disclosures provide taxpayers a way to escape the most severe financial and criminal penalties. Boston taxpayers can avoid prosecution by voluntarily self-reporting prior tax violations before the IRS begins an investigation into their activities.
For More Information on These Banks Being Investigated:
- Credit Suisse
- Julius Baer
- Deutsche Bank
- Bank Hapoalim
- Bank Leumi
- Basler Kantonalbank
- Neue Zuercher Bank
- Zuercher Kantonalbank
- Liechtensteinische Landesbank
- Mizrahi-Tefahot Bank
The basic terms of the Amnesty Program program are:
- A 27.5 percent penalty on the taxpayers’ undisclosed offshore accounts with the highest aggregate account balance over an eight-year period.
- Participants must pay back taxes and interest for up to eight years as well as accuracy related and/or delinquency penalties.
- Participants must file all original and amended tax returns and include payments for taxes, interest and accuracy related penalties.
Thorn Law Group is in the process of representing numerous individuals, companies, trusts and other professionals in regard to their voluntary disclosure of previously undisclosed offshore accounts.
This special Boston Offshore Voluntary Disclosure Program is only being offered by the government for a limited time period so do not wait much longer, time is running out!