How The IRS Offshore Voluntary Disclosure Program Can Help You

The IRS offshore voluntary disclosure program is something that can truly help those who take advantage of it.  It will allow you to be able to avoid necessary fines that have been levied against you by the Internal Revenue Service for your foreign bank accounts.

In the past, foreign bank accounts were utilized by people in theUnited Statesas a way to try and avoid paying federal and state income taxes.  This is not as easy as it used to be though due to a new law that has been enacted called the Bank Secrecy act.  They have required now a filing of form TD F 90-22.1 if you meet certain criteria.

The criteria that you must meet will involve and surrounds the overall balance of all of the different bank accounts that you may have at your disposal in terms of foreign accounts.  When analyzing your bank accounts throughout the year, you want to see, when you add up the balances, if you are over the amount of $10,000 at any point.  If you are throughout the year, then that means you are going to have to make this filing with the Internal Revenue Service no matter what.  Failing to do so will run you the risk of facing some pretty serious fines, as well as the chance of imprisonment for a period of up to five years, a very hefty penalty to say the very least.

The IRS offshore voluntary disclosure filing will erase your risk of these penalties being run into.  The offshore voluntary disclosure program has been research and can be assisted with by the Law Offices Of Jeffrey B. Kahn, P.C.