Los Angeles, CA, January 25, 2012 --(PR.com
)-- StopIRSDebt.com, experienced tax debt
relief firm, encourages owners with undisclosed offshore accounts to take advantage of the third round of Offshore Voluntary Disclosure
Program (OVDP) announced by the IRS on January 9. The current program, unlike the previous initiatives (OVDI) in 2009 and 2011, does not have a set expiration date, so taxpayers should act quickly to take advantage of the latest program.
The previous initiatives resulted in 33,000 disclosures and over $4.4 billion in collections. The new program comes with a FBAR penalty of 27.5%, up from 25% in the 2011 initiative. Similar to the 2011 OVDI, there are exceptions for lower penalties and taxpayers can choose to be examined if they feel that all penalties are disproportionate. “Our team at StopIRSDebt
successfully helped a client in Texas transfer his case out of the criminal investigation department to the civil side of the IRS, amended his tax returns for 2003-2008, and are negotiating on his behalf with the IRS to work out the lowest possible FBAR penalty,” says Nicole Pokusay, Lead Tax Attorney
Many taxpayers with offshore accounts still have not come forward, so StopIRSDebt.com is encouraging clients to stop procrastinating. The Foreign Account Tax Compliance Act (FACTA) provides better transparency to help the IRS find American taxpayers hiding overseas assets. People have successfully evaded taxes for years without detection, but FACTA and ongoing investigations put this window at risk. Pokusay notes, “Times are tough and the IRS is looking for more revenue. We don’t want our clients to find themselves under criminal prosecution.”
The disclosure process can be intimidating. Admitting you have been hiding assets and breaking the law may go against better judgment, but keep in mind IRS Commissioner Doug Shulman statement, “As we’ve said all along, people need to come in and get right with us before we find you. We are following more leads and the risk for people who do not come in continues to increase.”
StopIRSDebt.com offers tax relief services for both state and federal tax debt. The team at StopIRSDebt has assisted thousands of customers and can service clients throughout the United States. From tax preparation to lifting wage garnishments and settling back tax debt, our team of tax professionals is ready to assist you. www.StopIRSDebt.com or call 1-888-9-STOP-IRS.