IRS Heads East on Tax Evasion Hunt.
The IRS cracked the bank secrecy laws of Switzerland and it is aggressively pursing tax evaders and their Swiss enablers. But there has never been any reason why the IRS can’t head east and do the same in tax havens located in Asia.
Daniel Reeves, a former IRS agent with 35 years of offshore tax evasion experience, states that the IRS is adding focus to jurisdictions such as, “Asia, the U.K.’s crown dependencies and especially Singapore.”
And the IRS has set its sights not only on the taxpayer, but also bankers, trust service providers and financial advisors who enable U.S. taxpayers to evade taxes.
The IRS estimates that as of 2010 over $300 billion of tax revenue was not received due to unreported income from foreign bank accounts located in tax haven jurisdictions. To combat this problem, and make it easier for taxpayers to “come clear”, the IRS has the Offshore Voluntary Disclosure Program (OVDP).
The OVDP is an ongoing program offering people with undisclosed income from offshore accounts an opportunity to get current with their tax returns. This program offers clear benefits to encourage taxpayers to disclose foreign accounts now rather than risk detection by the IRS and possible criminal prosecution.
If you have foreign bank accounts that you have not been disclosed to the IRS and would like to mitigate possible criminal and civil penalties that might happen to you should the IRS discover them, schedule your free consultation by calling (480) 888-7111 or submit a web request here