IRS’s New Undisclosed Offshore Account Program Brings in Taxpayers
Washington, DC (PRWEB) April 1, 2011 -- The Internal Revenue Service and the Department of Justice are continuing to investigate offshore accounts by utilizing information gained through taxpayers who have come forward through the Voluntary Disclosure or Amnesty Programs. However, those who were sought by government officials and did not voluntarily disclose their offshore accounts have suffered greater civil and criminal penalties.
On March 14, 2011, the Department of Justice reported that another offshore account holder, Jeffery Chatfield, was charged for failure to file his FBARs and report his interest in his Bahamian accounts. Mr. Chatfield was sentenced to 3 years of probation. The case moved to the civil side, in which Mr. Chatfield was ordered to pay over $96,000 in FBAR penalties to resolve his civil liabilities; this does not include the delinquent income tax, interest, and accuracy penalty that was also owed.
Kevin E. Thorn, Managing Partner of Thorn Law Group, located in Washington, DC, acknowledges that “the IRS’s 2011 Amnesty Program has been successful in encouraging taxpayers to voluntarily disclose their accounts and come into compliance. The program offers penalty-relief incentives, which taxpayers should take advantage of.”
The U.S. government is committed to bringing all U.S. taxpayers with undisclosed offshore accounts into compliance, one way or another. Current clients who have already been accepted into the Voluntary Disclosure Program have nothing to fear about these developments, as they have already started their work of coming into compliance before the threat of DOJ action was instituted.
Mr. Thorn believes, “this is the last opportunity that taxpayers with undisclosed offshore accounts will have that may allow them to potentially avoid criminal exposure.”
Undisclosed account holders should come forward before the government brings either civil audits or criminal charges against them which can result in significant financial penalties and the possibility of incarceration. Immediate action and experienced tax law representation is needed to voluntarily disclose your account in order to avoid criminal prosecution and being taken advantage of by the IRS.
About Thorn Law Group, PLLC:
Thorn Law Group, PLLC is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems.