Articles

Got Offshore Accounts? Tell the IRS by August 31 and You’ll Get Off Easy

In Accounting & Finances, Business, Taxes on August 21, 2011 by Sufen Wang Tagged: , ,

 
If you conveniently forgot about that “offshore” account you have hidden somewhere in the Bahamas, NOW is the perfect time to refresh your memory. Not only will you get a good night’s sleep when you give it up, you’ll also earn a ‘get out of jail free card’ from the IRS!
 
The 2011 Offshore Voluntary Disclosure Initiative (OVDI) is the last chance for taxpayers to inform the IRS about their undisclosed income and face less repercussions as a result.   Taxpayers who voluntarily come forward before August 31, 2011 will still have to pay a penalty, back-taxes, and interest for up to eight years. 
However, those who wait for the IRS to discover their undisclosed accounts and income – and the IRS will find them – will face much higher penalties and serious criminal charges. 
 
Taxpayers should think twice if they think they can get away with hiding their assets overseas. New foreign account reporting requirements will be phased in over the next few years, so it’s going to be even tougher to conceal income offshore. The IRS will also continue to investigate bankers and banks worldwide that assist U.S. taxpayers with overseas accounts.
 
The OVDI is a limited-time offer for taxpayers to update their taxes with the IRS, so make sure you come clean before it’s too late!
 
 
On the Money,
Sufen Wang
Wang Solutions

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