If you file all of your tax documents on time, pay what you owe, and keep good records, you might think you’re doing everything that the IRS wants you to do. However, if you’re not turning over information about your foreign bank accounts, you might be in violation of the IRS Offshore Voluntary Disclosure Program.

What does that mean?

The IRS created the Offshore Voluntary Disclosure Program to keep tabs on Americans storing money in other countries. According to the rules of the program, if you have more than $10,000 stored in a foreign bank account at any point in time during the year, you are required to report it to the IRS, fill out special forms, and pay taxes on it.

What if you don’t?

Despite its name, this program isn’t quite as “voluntary” as you might think it is. In fact, failing to follow the rules of the Offshore Voluntary Disclosure Program comes with some big punishments! Similar to breaking tax laws here at home, you can be subject to huge fines and even jail time.

Make no mistake — the IRS is serious about the Offshore Voluntary Disclosure Program. They have dedicated thousands of agents and investigators to it. The Department of Justice has even lent a helping hand by talking to foreign banks about their American account holders!

Don’t assume that because you’re not a “big player”, you won’t get caught. When it comes to the Offshore Voluntary Disclosure Program, the IRS is looking to catch each and every violator — no matter how big or small they might be!

So, what can an IRS audit attorney do to help your foreign money?

Any good IRS audit attorney will know all of the ins and outs of the Offshore Voluntary Disclosure Program. That way, he can explain all of your rights and responsibilities under the program. He can also help you fill out all of the necessary forms and make sure you get them in on time.

But what if you’re already in some hot water?

Then you definitely need to talk to an IRS audit attorney as soon as possible!

Similar to tax problems here at home, having a qualified attorney can keep your problems from getting bigger.

Plus, a good attorney might be able to negotiate with the IRS. Either way, you can’t fight the IRS all by yourself. If you don’t know what you’re doing, you can wind up in even more trouble!

You can get all of your tax issues straightened out by visiting www.kahntaxlaw.com!