Encino, CA (PressExposure) November 17, 2009 -- Every year the government loses billions in tax revenues from offshore accounts held by Americans. In the latest high stakes battle against tax cheats, the IRS has cracked down on an unprecedented number of account holders at Swiss bank UBS and is rushing to investigate additional offshore hiding places.
According to tax expert Michael Rozbruch, these recent events prove that the IRS is more determined than ever to investigate high-net-worth individuals - both at home and overseas - and no one is safe from the wrath of the IRS.
"Prosecutions of offshore account holders in UBS tax cases are making headlines across the world while sending the message that the IRS will not tolerate offshore tax evasion," said Rozbruch, founder and CEO of Tax Resolution Services, Co., one of the nation's leadingÂ offshore tax evasion defense firms. "And anyone who missed the October 15th filing deadline for tax amnesty should know that they can still get help qualifying for an IRS offshore tax settlement."
Rozbruch adds that Report of Foreign Bank and Financial Accounts (FBAR) penalties can amount to as much as 200-300% of the asset value of the account. So overseas bank account holders need to get expert tax help as soon as possible to seek penalty abatement to reduce the impact of financial penalties and criminal implications.
"Due to the severity of the financial penalties and criminal implications, it is not in the account holder's best interest to wait for the IRS to approach them," Rozbruch said. "If you believe that you owe back taxes on your foreign accounts, you need to retain either a tax attorney, tax resolution specialist or CPA who will take over all communications with the IRS, make the required disclosures, file FBAR reports and amend tax returns typically for 2003 through 2008. Don't wait for IRS to come after you - get tax help for resolving your IRS problems before it's too late."