Handling Your Foreign Income: Tips From San Diego Tax Attorney William D. Hartsock, Esq.

SAN DIEGO, July 6, 2011 /PRNewswire/ -- If you are a U.S. taxpayer and have any source of foreign income, the IRS requires that you file a foreign-earned income tax form every year. If you don't file this form or have a suspicious-looking case according to the IRS, you may be subject to an IRS foreign tax audit, says San Diego tax attorney William D. Hartsock, Esq.

"Foreign tax rules and regulations are incredibly complex; by not knowing the technical international tax rules, any document you provide or statement you make to the IRS may be an admission that you have violated these rules and owe taxes," said Mr. Hartsock. "IRS auditors are experts at interpreting the offshore tax rules and regulations against the taxpayer to increase your tax liability."

If a U.S. taxpayer receives a foreign tax audit or offshore tax audit, a full understanding of the problem areas are necessary to prevail against the IRS. Without ample planning and preparation, an IRS foreign tax audit could easily turn into a criminal tax investigation.

"The IRS is very serious about auditing and prosecuting holders of offshore bank accounts and other foreign income," said Mr. Hartsock. "Fortunately, there are an unlimited number of legitimate defenses that are very effective to combat an audit, including the 2011 IRS Voluntary Disclosure Program."

The Voluntary Disclosure Program is a longstanding practice of IRS Criminal Investigation of accepting timely, accurate, and complete voluntary disclosures from taxpayers who have failed to report or underreported their tax liability, and considering it along with other factors when determining whether criminal prosecution will be recommended.

When involved in an IRS tax audit (foreign or non-foreign), it's important to contact an experienced tax attorney. The cost of hiring a competent experienced criminal tax attorney pales in comparison to a criminal conviction on your record and repayment of the tax, penalties, interest and court fines.

For more information on handling your foreign income, or to schedule a consultation, call 858-481-4844, or visit www.taxlawfirm.net today.

Full press release located here: http://www.taxlawfirm.net/press-releases/handling-your-foreign-income-tips-from-san-diego-tax-attorney-william-d-hartsock-esq.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 business in need of federal, state and international tax audit assistance.

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