Encino, CA (PressExposure) August 24, 2009 -- Under the agreement between Swiss banking giant UBS and the U.S. and Swiss governments, the names of approximately 4,450 American clients suspected of tax evasion will be disclosed to the IRS in the coming months.
The U.S. government estimates the amount of assets hidden in these offshore accounts at more than $18 billion, and tax experts are warning UBS account holders â both guilty and innocent â to expect to heavy scrutiny from the IRS.
âIf you have deposited monies into these foreign accounts without paying federal taxes or have failed to comply with IRS regulations regarding Foreign Bank and Financial Accounts (FBAR), you could be facing severe civil and criminal penalties,â said Rozbruch, founder and CEO of Tax Resolution Services, Co., a company that provides affordable IRS help to people seeking income tax relief. âHowever, you can still strike a deal with the IRS in exchange for full voluntary disclosure.â
Under the voluntary disclosure program, due to end on September 23, the IRS agrees not to criminally prosecute taxpayers who pay all back taxes, plus interest and penalties. But in order to take advantage of this immediate relief, taxpayers must come forward before their names are turned over to the IRS. After that, they will no longer be eligible for amnesty through the voluntary disclosure program.
âTaxpayers are required to report all income from domestic and foreign sources â and failing to do so whether intentionally or unintentionally could be financially crippling, unless they get assistance from a tax professional who can help them avoid criminal prosecution and reduce the back taxes, penalties, and interest owed,â Rozbruch said. âItâs good advice for anyone with IRS tax problems â not just UBS clients under investigation for tax evasion â to get expert tax help striking a deal with the IRS so they can regain their financial freedom.â
Tax Resolution Services is dedicated to providing affordable solutions to businesses and individuals who find themselves in trouble with the IRS. Their team of expert tax attorneys, enrolled agents and CPAs has a success rate of 90% - second to none in the industry - and an Offer in Compromise Settlement Rate of $0.13 on the dollar. For more information or to receive a FREE tax relief consultation, visit http://www.taxresolution.com or call 866-IRS-PROBLEMS.