San Diego tax attorney William D. Hartsock, Esq. advises taxpayers to take advantage of the 2011 Offshore Voluntary Disclosure Initiative (OVDI) ending August 31

SAN DIEGO, Aug. 3, 2011 /PRNewswire/ -- With the IRS's second special voluntary disclosure initiative coming to an end this month, San Diego tax attorney William D. Hartsock, Esq. is urging U.S. taxpayers with undisclosed assets to take their chance to come clean on their own, before the IRS finds them out.

The 2011 Offshore Voluntary Disclosure Initiative (OVDI), which ends August 31, 2011, gives taxpayers with foreign accounts the opportunity to pay lesser penalties as well as avoid the possibility of criminal prosecution. The IRS has been working with many foreign governments and institutions to obtain more data on holdings by U.S. taxpayers, making the option to voluntarily disclose offshore tax holdings a good idea, says Mr. Hartsock.

"According to the IRS, this initiative is the last, best chance for taxpayers to get back into the system," said Mr. Hartsock. "The IRS has been pursuing more taxpayers hiding offshore assets; if caught with undisclosed offshore income the penalties will be much worse than if you come forward on your own."

Some U.S. citizens who have never lived in the United States or who have inherited foreign accounts may not be aware that they owe taxes on these assets. However, while everyone with a foreign bank account or income may not be trying to hide their assets from the IRS, the IRS doesn't distinguish between those who were purposely fraudulent and those who weren't when doling out penalties and even jail time.

"If you have any question of possibly owing taxes on foreign income, it's essential to contact an international tax attorney before the initiative's deadline of August 31," said Mr. Hartsock. "With the IRS gaining more information every day, the situation will only get worse for those hiding offshore tax holdings."

For more information on voluntary disclosure of offshore tax holdings or income, or to schedule a no-obligation consultation, call 858-481-4844, or visit www.taxlawfirm.net today.

Full press release located here: http://www.taxlawfirm.net/press-releases/irs-pursues-offshore-tax-haven-to-locate-us-taxpayers-with-undisclosed-assets.htm.

About TaxLawFirm.net:

William D. Hartsock, Esq. is a Certified Tax Law Specialist, international tax attorney and tax bankruptcy lawyer specializing in quality, professional legal counsel for both individuals and businesses in need of federal, state and international tax audit assistance.

SOURCE TaxLawFirm.net

Back to top

RELATED LINKS
http://www.taxlawfirm.net