When you have failed to report offshore banking accounts to the Internal Revenue Service, you can still do so while avoiding something such as a tax audit from the IRS. With the IRS offshore voluntary disclosure program you have the ability to make good with the Internal Revenue Service and report your offshore information.
There are a lot of benefits to offshore banking accounts, as there are banks all around the world that can really allow you to do a lot more with your money than is allowed or even possible in the United States of America. The reality though is that the Internal Revenue Service or the IRS is not the most pleasant group when it comes to the utilization of these accounts. The fact of the matter is that there are a lot of unlawful people out there who will utilize these accounts to avoid having to pay things such as dividend income, interest income, as well as capital gains on their tax returns. There are new programs that the Internal Revenue Service has put in place to allow people to voluntarily disclose their offshore bank accounts so that you can avoid an Internal Revenue Service audit, and all of the headaches that come along with it.
The IRS offshore voluntary disclosure program can be very beneficial to you and your family overall. The offshore voluntary disclosure program can be a bit tricky but the experts at www.kahntaxlaw.com can help with the filing.