According to IRS Commissioner Douglas Shulman, thousands of US citizens – including Arizona residents – who have been hiding funds in offshore accounts in order to avoid paying taxes will be found out and required to pay their fair share. The news came out after the IRS reached a deal with the government of Switzerland recently; the IRS will soon have access to nearly 5,000 Swiss accounts held by American citizens.
Shulman said that a conservative estimate of Swiss accounts at one bank alone hold untaxed American assets of up to $18 billion.
Shulman stated further that the IRS expects to eventually gain access to even more accounts through a new “voluntary disclosure program.” US citizens who have been evading taxes by using Swiss or other offshore accounts can report their taxable income to the IRS before they are found out by the investigation, and avoid prosecution.
This new initiative by the IRS to go after offshore account holders may signal the end of an era for tax evaders, who can no longer stash money in Swiss, Cayman Island or other foreign bank accounts without any worry that they will be found out and required to pay taxes on the money.
At The Pew Law Center, PLLC , we understand that if you do run into tax problems with the IRS, it can be overwhelming. Whether you owe back taxes, haven’t filed taxes for several years, or have received an audit or wage garnishment notice from the IRS, the attorneys at The Pew Law Center, PLLC can help you or your business with these and any other federal and state tax problems.
We are a dedicated debt relief law firm. We help people from Phoenix, Mesa, Gilbert, Queen Creek, Chandler, Scottsdale, Apache Junction, Tempe and throughout Arizona work through tough tax problems or file for bankruptcy every day. We can help stop the debt cycle and give you relief from your overwhelming, burdensome, and crushing tax problems. Please don’t wait another moment. Call us right away – our attorneys will help get you the fresh start you deserve.