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Taxes So many people got caught off guard with the recent attention the Internal Revenue Service is giving holders of offshore foreign bank accounts. So what to do? The last offshore voluntary disclosure initiative (OVDI) ended on August 31, 2011. With that in mind, here are the four options currently available to those wondering what to do. Option One: Stick your head in the sand and hope the IRS never catches you. Perhaps your account is at a foreign bank that you believe to be "off the radar" or is in a quiet country, or under a friend’s name, or opened with a non-American passport. Well, it used to be that a foreign bank account’s actual owner could be kept fairly secret. However, now, the IRS has vastly many more tools than it ever did previously to find previously unreported accounts. Here’s the thing every global banking and financial institution must be in the US marketplace or it would turn into such a minor league player that the foreign bank’s corporate board would revolt and replace management — immediately. Despite everything you may have heard, the American is still by far the largest economy in the world and every global bank must be on the good side of the Internal Revenue Service otherwise that foreign bank will be shut out of getting US capital or customers! In order to be on the good side of the IRS is to disclose what the IRS says to disclose. Accordingly the bank is really at the mercy of the Internal Revenue Service.meaning so are the banks’ account holders. So you see, hiding behind the shadows becomes a more dangerous and dangerous. And once the IRS starts an investigation, there is only one option leftpay outrageous taxes and the highest penalties and face the significant possibility of real jail time. Option 2: Renounce citizenship; Leave the country. Do you want to say goodbye to the Internal Revenue Service? There is only one way to do it. That is, to renounce one’s citizenship and no longer be a American citizen. The process is not as easy as you may think. Furthermore, a requirement of proper expatriation is that you have to be in compliance with all tax laws and pay an expatriation tax in order to make it official. If the expatriation is handled improperly, the IRS treats it as a non-event, meaning you are still subject to the jurisdiction of the Internal Revenue Service — indefinitely . Expatriation may make sense to avoid future tax liabilities , but you have to disclose the existence of hidden accounts first. Option 3: Soft (or quiet) disclosure. One option is to file amended returns, this time including previously unreported income simply filing the returns as if it were simply forgotten income. Sounds like a good strategy, right? Perhaps one could avoid all those excessive penalties of the OVDI programs? The Department of Justice states that it has begun prosecutions on people who have attempted soft disclosures. So this option has some serious problems The "soft" disclosure option is incredibly risky for several reasons. One massive failing is that they do not remedy the matter of the taxpayer’s non-compliance in FBAR filing; as a willful failure to file an FBAR is a criminal charge. As a result filing a soft disclosure ‘t go far enough to eradicate any possibility of criminal investigations. In fact, the amended return might — well here’s the terrific dilemma with this alternative — it does nothing about the failure to the FBAR. There are still criminal and civil charges that may be pending for failing to file an FBAR, but simply give the IRS a roadmap to locate you. Option 4: Pre-emptive Disclosure and Negotiation (" Offshore Voluntary Disclosure Initiative") If enjoying the rest of your life is chief concern, there can be no question that this alternative is the best option. Yes, the 2011 initiative expired, but that does not mean a voluntary disclosure can not be filed. The IRS always welcomes offshore disclosures. The only thing that expired was the particular conditions of the 2011 OVDI which capped certain penalties. There are only 2 requirements. First, the taxpayer can not be under audit. Also, the source of the funds in the foreign bank accounts can not be from an illegal source. Think drug trafficking or money laundering. Such pre-emptive off-shore disclosures and negotiations must be handled by a qualified OVDI attorneys, experienced in overseas compliance and delicate IRS negotiations. About the Author: 相关的主题文章: