If you or anyone you are close to has undisclosed foreign accounts or unreported foreign income you currently still have time to apply for amnesty thanks to the IRS offshore voluntary disclosure program. This should be done before the internal revenue service utilizes all new data from foreign banks and expansive reporting requirements that will start at the 2011 Form 1040 filing.
The IRS offshore voluntary disclosure requires that any foreign bank accounts or assets that are over the amount of $10,000 should be reported. This includes offshore bank accounts, offshore hedge funds, offshore mutual funds, prepaid credit card or debit cards that are attached to offshore accounts, offshore life insurance policies and offshore Swiss annuities. The penalties for failing to comply are a lot higher than civil tax penalties that are usually imposed over delinquent taxes.
The offshore voluntary disclosure program allows individuals to report their foreign accounts and assets in an ample amount of time or they will be fined with harsh penalties. The Federal government is aggressively pursuing those individuals who have undisclosed foreign income and accounts that are issued by foreign banks and numerous resources. If you are currently in a situation where you have been contacted by the IRS due to our offshore accounts then you need to get help from a professional. If you are in need of tax relief hire these professionals today to help get you back in good standing with the IRS and to keep you from losing many of your assets.