You can save thousands of dollars in penalties by taking advantage of the IRS offshore voluntary disclosure program which was originally initiated in 2009 as a way to give tax payers having undisclosed offshore accounts the opportunity to disclose such accounts without being subject to criminal prosecution and being exempt from the heavy penalties that are levied on tax evasion. A similar program was reintroduced in 2011 and in January 2012 the IRS began an open ended offshore voluntary disclosure program to give an amnesty to persons who have so far failed to disclose any offshore accounts.

The heavy taxes imposed in the country have led many businesses and individuals to transfer their money to offshore accounts in countries where the tax system is more lenient and evade paying taxes in the US. This has led to the IRS losing a significant share of their revenue and therefore opened up this opportunity for people to come clean about their foreign assets which from then will come under the compliance of prevailing US tax laws.

If you have any foreign accounts or assets it is time for you to consider making use of this opportunity presented to you. Because of the laws and procedures involved it is best that you hire the services of a tax settlement attorney to handle the disclosure process. Contact the law offices of Jeffrey B. Kahn P.C.to have a consultation with an IRS lawyer with plenty of experience handling matters relating the voluntary disclose programs throughout the years.

A tax settlement attorney will use his knowledge and experience to make use of this opportunity to avoid having you subjected to the heavy penalties and negotiate with the IRS the best tax settlement for you. The law offices of Jeffrey B. Kahn P.C. have a record of many satisfied clients who have successfully participated in this program
If you have any foreign accounts or assets, consult with an IRS lawyer to discuss your eligibility to make use of the IRS offshore voluntary disclosure program and if so what steps should be followed as failing to do so will have dire consequences for you.

The IRS has taken very strict measures to identify offenders and information is available to them through the many investigators employed by them, through tax treaties and under the Foreign Account Tax Compliance Act (FATCA. If you are detected by the IRS you will be subject to substantial penalties and run the risk of criminal prosecution at which point there is little that a tax settlement attorney can do for you.

Guest post provided by Kahn Tax Law: If you have foreign assets do not delay meeting with a tax settlement attorney to sort out the tax implications.