SAN DIEGO, Feb. 14, 2011 /PRNewswire/ -- The IRS has revealed a new offshore voluntary disclosure initiative for 2011, and tax attorney William D. Hartsock, Esq. and his legal/accounting staff are on the forefront of the new changes. The Offshore Voluntary Disclosure Initiative (OVDI 2011) varies from its predecessor (OVDI 2009) in many ways, so it is important to be aware of these modifications to assure a successful (and possibly criminal charge free) disclosure.
The new initiative covers tax years 2003-2010 for calendar and fiscal year taxpayers. Failure to disclose foreign assets and complete the OVDI packet by the deadline of August 31, 2011, will result in your case being sent to the Criminal Investigations Unit. These taxpayers will not be privy to the special terms of this initiative and will be responsible for all civil penalties that apply. Taxpayers who cannot pay in full right away should take advantage of this opportunity. It is possible to arrange payment options with the IRS.
Both civil and criminal penalties have escalated in the last several years. There are extensive civil tax penalties. In addition, criminal charges could include up to ten years imprisonment and $500,000 in fines.
"This is the IRS's third effort to bring taxpayers with offshore transactions into compliance. The first was 2003's unsuccessful offshore Credit Card Initiative. Their second was the Offshore Voluntary Disclosure Initiative (2009). I believe that this will be the IRS's last effort to bring otherwise 'responsible' taxpayers into compliance. The next step will involve the Criminal Investigation division in an all out effort to proceed against remaining offshore tax payers who will not come forward," said William D. Hartsock Esq.
Those involved with offshore bank accounts should meet with an attorney who is a Certified Tax Law Specialist in order to fully understand the practical ramifications of the Voluntary Disclosure program before deciding how to proceed. Your information will not be released to the IRS under Attorney-Client Privilege. For more information, call 858-481-4844, or visit www.taxlawfirm.net.
William D. Hartsock, Esq. is a Certified Tax Law Specialist, international tax attorney and tax lawyer specializing in IRS tax problems. Mr. Hartsock and the tax lawyers at TaxLawFirm.net represent clients throughout California and many other countries. They specialize in quality, professional legal counsel for both individuals and businesses in need of federal, state and international tax audit assistance.