3 Tips for IRS Offshore Voluntary Disclosure

Do you have money stored in foreign bank accounts? If so, you’ve got a whole bunch of other tax responsibilities to worry about. If you think you’re in the clear because your money isn’t being held in a U.S. bank, think again. The IRS Offshore Voluntary Disclosure Program says otherwise!

If you don’t want to get caught in the crosshairs of this program, you need to follow these 3 tips:

1. Provide information sooner, rather than later

If there’s anything the IRS doesn’t like, it’s being kept waiting. Whether you need to file documents, turn over information, answer questions, or write a check, you need to do it quickly. The longer you try to ignore the IRS Offshore Voluntary Disclosure Program, the harsher the consequences can be.

What kinds of consequences are we talking about?
The IRS is not kidding when it comes to this program. Despite its name, there’s not a whole lot that’s “voluntary” about it! You don’t get to pick and choose which rules you follow. In fact, if you’re caught openly violating the rules of the Offshore Voluntary Disclosure Program, you can be subject to massive financial penalties. The IRS can fine you up to $500,000, and you might get slapped with other civil penalties, which don’t have a cap on them. You can even face jail time!

2. Keep good records

Part of complying with the IRS Offshore Voluntary Disclosure Program means keeping several years’ worth of records. That’s because federal investigators can go back 8 years if they want to — and punish you for any rules you might have broken during that time!

However, you’ll need to keep more than just your FBAR. If there’s even the slightest chance that other documents can support your FBAR, you’ll need to hang onto them, too.

3. Work with a good attorney

The rules associated with the Offshore Voluntary Disclosure Program can be tricky. If you don’t want to inadvertently violate something, you need to tap into the expertise of a good lawyer. By trying to go it alone, you might wind up in some very hot water!

So, how do you find a lawyer that’s worth his salt?

It can actually be easier than you might think! A good California probate attorney may also be an expert on this program. You have nothing to lose during a free consultation or by spending some time on his website.

That way, you can get a feel for how much expertise he really has.

Looking for a California probate attorney to answer all of your Offshore Disclosure questions? Visit www.kahntaxlaw.com today to get expert advice!

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