Encino, CA (PressExposure) December 10, 2009 -- More than 14,700 Americans with secret offshore accounts took the IRS up on their offer of tax amnesty for voluntary disclosure before the October 15th deadline, generating "billions of dollars" in new revenue for the IRS. Based on this success, the IRS has hired 800 personnel in the United States and bulked up their offices overseas to smoke out more tax revenue from offshore hiding places.
âYou may be a potential IRS target if you have an offshore bank account anywhere, not just in Switzerland,â said Brian Compton, President of Tax Resolution Services Co., (TRS). âIt doesnât matter if you have the account for Holocaust reparations, an overseas job, operating expenses for a vacation home, or funds from a married spouse from another country â you could be the next victim of the IRSâs intensified federal crackdown on offshore accounts.â
TRS recently announced the launch of its specialized Offshore Banking and FBAR Defense Division headed by Compton, one of the nation's leading offshore tax evasion defense experts. Compton personally oversees all offshore tax evasion defense cases and works closely with the firmâs team of IRS and legal experts (tax attorneys, CPAs) to help clients disclose overseas funds, obtain FBAR compliance and reduce severe IRS penalties.
According to Compton, IRS back tax penalties for offshore accounts can add up to double or triple the amount that is hidden in those accounts. If you think your offshore bank account may be a potential IRS target, itâs important to follow the IRSâs disclosure guidelines to avoid huge fines and penalties, including jail time.
âIf you contact the IRS yourself, any mistake you make can have severe consequences,â Compton said. âTax evasion carries a five-year sentence, while failure to file FBAR reports is punishable by a 10-year sentence â so you will need an experienced FBAR tax attorney or tax resolution specialist on your side.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.