IRVINE, Calif., Oct. 15, 2020 /PRNewsCentre/ — In recent years, the IRS has come under fire from some prominent critics in Congress about the fact that the agency seems to have disproportionately been targeting low-income taxpayers for audits and criminal tax investigations while letting wealthier Americans get away with tax crimes that cost the agency exponentially much more money. As a result, the IRS has doubled down in the last few years in its efforts to crack down on tax fraud by the wealthiest Americans, announcing a program aimed at auditing those in the highest income brackets and doubling down on its commitment to the "Wealth Squad" unit.
If You Are a High Net Worth Earner with FBAR Issues, Call Our Skilled Tax Attorneys and CPAs Today
The IRS is targeting taxpayers that have fail to report offshore income generating businesses, trusts, gifts, rental real estate, investments and other offshore income generating assets while simultaneously failing to file the related Foreign Bank Account Reporting (FBARS) and offshore information returns that would flag the unreported offshore income. If high net worth taxpayers do not voluntarily come forward and enter a domestic and or offshore voluntary disclosure program to correct their noncompliance before the IRS begins auditing or criminally investigating their issues, they will at best, face draconian civil penalties and, at worst, face criminal tax prosecution.
If you are a wealthy individual who has filed false, incomplete, or omitted FBARS & foreign information returns and simultaneously understated domestic or offshore taxable income in the past, you should get in contact with an experienced dual licensed International Tax Attorney and CPA like those at the Tax Law Offices of David W. Klasing as soon as possible to minimize civil penalties and avoid criminal tax prosecution. Options to address your willful or inadvertent domestic or offshore noncompliance include the full blown domestic and offshore voluntary disclosure programs, streamline voluntary disclosure program, delinquent foreign information return reporting program and even quite disclosures (we rarely find them appropriate).
Call our office today at (800) 681-1295 or visit the contact us page of our website to schedule a reduced rate initial consultation.
Public Contact: Dave Klasing Esq. M.S.-Tax CPA, firstname.lastname@example.org
SOURCE: Tax Law Offices of David W. Klasing, PC