Voluntary Disclosure:Are You a Possible Target for Criminal Proceedings?
If you’re a U.S. citizen, or if you have permanent residence status (a ‘green card’), you are required to declare any income earned in the U.S. or abroad on your annual IRS tax filing. This includes investment income, bank account interest, and any other asset that generates income. If you don’t declare it, you can be prosecuted for federal tax evasion – a felony – which is subject to fines, penalties and jail time.
The new IRS 2011 Offshore Voluntary Disclosure Initiative (OVDI) expired on August 31, 2011. At IRS Medic, we’re one of the few tax law firms with expertise in voluntary disclosure. We know what to do after this deadline. We help our clients implement solutions that balance the conflict between financial goals and risk of criminal consequences. We want our clients to make the most informed decision when they are presented with uncomfortable facts in this highly-aggressive enforcement climate. We’ve helped clients understand how to weigh advantages and calculate risks when confronted with other choices such as “quiet” or “soft” disclosure and expatriation, along with the risk of doing nothing.
Delay will foreclose options available. Contact us today, before the IRS or other federal agency thinks of contacting you.
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