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Showing posts with label hiding offshore income and assets. Show all posts
Showing posts with label hiding offshore income and assets. Show all posts

May 27, 2013

Will the IRS use the internet, linked in, facebook, etc. to locate expatriate and offshore tax cheaters?

Will the IRS copy the Swedish Tax Agency tactics to find US offshore tax cheaters? They found out about a Swedish taxpayers offshore activities on Linkedin and found  they owed $750,000 in back taxes on unreported income.  The IRS will certainly use this tactic soon, if they have not started already.  READ MORE HERE                             
Offshore Tax Fraud Criminal Captured

The IRS has a long standing policy that if a taxpayer comes forward first (prior to their discovery) and makes them self current with past unfiled returns and unreported income, they will almost always waive criminal prosecution (up to five years in jail). Therefore, based on the information out there on the internet, it is best to come forward before it is too late. We can help. We have advised or assisted hundreds of taxpayers catch up and correct past returns with great success.  Visit our website at www.TaxMeLess.com or email ddnelson@gmail.com.  We offer "attorney-client" privilege for total confidentiality and privacy.

April 5, 2013

Read About How They Are Hiding Assets Offshore and Avoiding Taxes


  • Government officials and their families and associates in Azerbaijan, Russia, Canada, Pakistan, the Philippines, Thailand, Mongolia and other countries have embraced the use of covert companies and bank accounts.

  • The mega-rich use complex offshore structures to own mansions, yachts, art masterpieces and other assets, gaining tax advantages and anonymity not available to average people.
    Gold Coins Hidden Abroad

  • Many of the world’s top’s banks – including UBS, Clariden and Deutsche Bank – have aggressively worked to provide their customers with secrecy-cloaked companies in the British Virgin Islands and other offshore hideaways.

  • A well-paid industry of accountants, middlemen and other operatives has helped offshore patrons shroud their identities and business interests, providing shelter in many cases to money laundering or other misconduct.

  • Ponzi schemers and other large-scale fraudsters routinely use offshore havens to pull off their shell games and move their ill-gotten gains.

February 11, 2012

The Offshore Tax Evasion Crackdown Spreads to Other Countries


5 Nations Join US In Tax Evasion Crackdown
Forbes
The law has rankled many in the international community, reaching the long arm of theIRS into foreign countries. In effect, it orders foreign banks how to behave, forcingforeign institutions to do the IRS's dirty work. See Expats Call For FATCA ....


If the IRS determines you have income and you have not filed one, they can file a Ghost Return making tax assessments you may not even be aware of until years later. That may be after they have already attached your bank account or levied other assets.  The only way to stop this from happening is to file a tax return before they file one for you.


You can download our expat tax return questionnaire for 2011 here  (msword format) and send it to us for a fee quote subject to your approval.  Do not wait until it is too late.  Also, keep in mind, the statue of limitations which allows the IRS to assess taxes against you never runs out if you fail to file a tax return for any particular tax year.

January 30, 2012

India Signs International Tax Treaty to Exchange Tax Info with IRS

The new treaty will provide for mutual assistance and exchange of information between India and the other members of the Agreement.  One member is the USA.  It not only provides for exchange of information between the taxing agencies (IRS) but also provides for assistance in recovery of taxes.


It provides for simultaneous tax examinations in other countries and sharing of relevant information.  It also allows tax officials from one member country to enter the other to interview individuals and examine records.  The information received from another country can be used also for money laundering investigations.

Read more and the names of the Member nations in this Article from The Hindu

If you have been living in India and not filing your US tax return on your worldwide income even though you are a US Citizen or Green Card Holder, now is the time to catch up and become current with your returns. In the past few years we have helped hundreds of US taxpayers catch up and saved them untold sums in penalties and interest.

DOWNLOAD OUR EXPATRIATE TAX RETURN QUESTIONNAIRE HERE, and send it to us for a fee quote subject to your approval. It can be used for all past unfiled tax years.

January 11, 2012

IRS Used "Bait and Switch" Tactics in Prior Offshore Disclosure Programs per the Taxpayer Advocate Office


This Article from  CNBC describes  the less than ethical actions (or perhaps straightforward)  of the IRS in connection with the 2009 and 2011 Voluntary Disclosure Program.  Many taxpayers paid more than they had to pay if they had not entered the program and the IRS took it!  The Taxpayer Advocate Office of the IRS whose job it is to monitor the IRS and correct problems, errors and this type of actions included this information in their report to Congress.  READ ARTICLE HERE

The IRS has announced a new Offshore Disclosure Program for 2012 and perhaps beyond which will  be mostly the same as the 2011 program with some changes which the IRS has stated they will provide further details in the next few weeks.  It is not too late to enter the program and perhaps reduce your penalties.  With proper representation by an experienced Attorney and CPA, you will be protected from the IRS "Bait and Switch."

July 27, 2011

Tax Frauds You Should Be Wary About


Here are five year-round scams every taxpayer should know about.

1. Hiding Income Offshore The IRS aggressively pursues taxpayers involved in abusive offshore transactions and the promoters who facilitate or enable these schemes. Taxpayers have tried to avoid or evade U.S. income tax by hiding income in offshore banks and brokerage accounts, or by using offshore debit cards, credit cards, wire transfers, foreign trusts, employee-leasing schemes, private annuities or life insurance plans.
In February, the IRS announced a second voluntary disclosure initiative to bring offshore money back into the U.S. tax system. The new voluntary disclosure initiative will be available through Aug. 31, 2011.
2. Phishing Scam artists use phishing to trick unsuspecting victims into revealing personal or financial information. Scams take the form of e-mails, phony websites or phone calls that offer a fictitious refund or threaten an audit or investigation to lure victims into revealing personal information. The IRS never initiates unsolicited e-mail contact with taxpayers about their tax issues. Phishers use the information to steal the victim’s identity, access their bank accounts and credit cards or apply for loans. Please forward suspicious scams to the IRS at phishing@irs.gov. You can also visitwww.irs.gov, keyword phishing, for additional information.
3. Return Preparer Fraud Dishonest tax return preparers cause trouble for taxpayers by skimming a portion of the client’s refund or charging inflated fees for tax preparation. They attract new clients by promising refunds that are too good to be true. To increase confidence in the tax system, the IRS now requires all paid return preparers to register with the IRS, pass competency tests and attend continuing education. Taxpayers can report suspected return preparer fraud to the IRS on Form 3949-A, Information Referral.
4. Filing False or Misleading Forms The IRS continues to see false or fraudulent tax returns filed to obtain improper tax refunds.
Scammers often use information from family or friends to file false or fraudulent returns, so beware of requests for such data. Don’t claim deductions or credits you are not entitled to and never willingly allow others to use your information to file false returns. If you participate in such schemes, you could be liable for financial penalties or even face criminal prosecution. The IRS takes refund fraud seriously, has programs to aggressively combat it and stops the vast majority of incorrect refunds.
5. Frivolous Arguments Promoters of frivolous schemes encourage people to make unreasonable and outlandish claims to avoid paying the taxes they owe. If a scheme seems too good to be true, it probably is. The IRS has a list of frivolous legal positions that taxpayers should avoid on www.irs.gov. These arguments are false and have been thrown out of court repeatedly.

For the full list of 2011 Dirty Dozen tax scams or to find out how to report suspected tax fraud, visit www.irs.gov.

April 11, 2011

No 1 Item on IRS List of Tax Scams is Taxpayers Hiding Assets Abroad

The IRS has released their list of the 12 most common tax cheating and scam methods. Hiding income and assets offshore is the first item on the list. The IRS aggressively pursues taxpayers involved in abusive offshore transactions as well as the promoters, professionals and others who facilitate or enable these schemes. Taxpayers have tried to avoid or evade U.S. income tax by hiding income in offshore banks, brokerage accounts or through the use of nominee entities. Taxpayers also evade taxes by using offshore debit cards, credit cards, wire transfers, foreign trusts, employee-leasing schemes, private annuities or insurance plans.


The 2011 IRS Voluntary Offshore Disclosure Program ends 8/31/11.  As both an Attorney and CPA we can advise you on the program, and represent you should you enter it.