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The IRS told thousands of taxpayers with unreported Swiss, Indian and other offshore accounts that they have just days to comply if they wish to avoid harsh 50% penalties.
CLEARWATER, FL, June 25, 2014 /24-7PressRelease/ -- Taxpayers with more than $10,000 in overseas accounts must report those accounts annually or be subject to huge penalties - those penalties are up to the greater of $100,000 or 50% of the highest historic account balance. Until now there has been an amnesty program that can signficantly lower those penalties for most taxpayers but that program is changing on July 1st.
The new changes will help some taxpayers while hurting others. Taxpayers with unreported accounts at these banks need to take action immediately or potentially lose the ability to participate in amnesty:
Credit Suise Fides
Wegelin & Co
Swisspartners Investment Network
Swisspartners Wealth Management
Swisspartners Insurance Company
CIBC FirstCaribbean International Bank
Stanford International Bank
The tax lawyers at Mahany & Ertl concentrate in IRS foreign reporting issues and FBAR filings. Attorney Brian Mahany is a former state revenue commissioner, author and tax prosecutor and is available for interview on a wide variety of IRS and ofshore tax matters including the new FATCA legislation, unreported Swiss bank accounts and FBARs (Report of Foreign Bank and Financial Accounts).
Interviews arranged through Jay Jessup of Elite Lawyer Management
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