Once last chance to Disclose Offshore Accounts to the IRS!
The IRS is giving U.S. taxpayers one more opportunity to disclose hidden offshore accounts without criminal prosecution. IRS fines and penalties can run up to as much as $500k and jail time.
Taxpayers who come forward could pay up to a 25% penalty on whichever account had the highest annual amount between 2003 and 2010. However, at least taxpayers will avoid fines and jail time.
This new program runs through the end of August. The IRS claims to have their eyes on several offshore banks and will go after taxpayers who do not come forward before August 31 of this year.
A similar program was introduced in 2009, but it was far more generous than the current program set to expire later this year. If you have questions about income taxes or offshore accounts, you should contactan experienced tax attorney. To learn more about this article, please visit IRS Offers 2nd Amnesty on Offshore Accounts.
If you have any questions or would like more information, please contact Wood, Atter & Wolf, P.A., in Jacksonville and Ponte Vedra Beach, Florida.
