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Last Chance to Apply for Offshore Trust Amnesty
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Poised to crack down on Americans who use offshore trusts to evade income tax, the Internal Revenue Service has given Americans until April 15 to fess up and avoid penalties.
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By Darrin T.Mish
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Time is running out. For some Americans, April 15 should be a dual
deadline. Not only is your personal tax filing due, but April 15 is your last chance to take advantage of an amnesty program for Americans using illegal offshore trusts to conceal taxable income.
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Earlier this year, the Internal Revenue Service announced it would
waive criminal penalties for those Americans who come forward and provided information about their offshore trust and the organizations that helped them establish it.
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Now, unless you come forward by April 15, you could face a prison term for tax evasion.
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“April 15 is the last chance to come forward under this program and make things right,” said acting IRS Commissioner Bob Wenzel. “If these people don’t act now, there’s a much higher price to be paid later.”
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Those who avoid income taxes by using trusts do so by depositing income in offshore bank accounts and then pay for goods and services in the United States by using credit cards linked to the offshore bank account.
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The United States government has long known about the scheme, and now the IRS has taken steps to crack down.
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Congress recently gave $2.2 trillion to the IRS to audit wealthy tax
evaders, and last year MasterCard turned customer information over to the IRS. Using this new information, the IRS will be able to link credit cards to offshore bank accounts and, in turn, American tax evaders.
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Once April 15 passes, IRS agents will begin to search aggressively for tax evaders and the promoters of offshore trusts.
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“Those who are involved with abusive offshore practices need to come forward, identify themselves and tell the IRS the names of those who sought to sell them on these schemes,” said Wenzel. “They need to avoid the temptation of trying to slip by or they will face the consequences.”
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Those consequences could include hefty fines and, what’s worse, prison time.
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Because this unprecedented amnesty program has been well publicized, it’s unlikely that the IRS will go easy on those who miss the April 15 deadline.
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However, if in case you do not come forward before April 15, don’t flee the country. Your best option will be to consult a qualified tax professional who will analyze your situation and find the best way for you to come clean to the IRS with the least possible disruption to you and your family.
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But act now. The clock is ticking.
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Your best option is to come forward and provide the IRS with information about offshore tax promoters. However, even if you miss the April 15 deadline, come forward to the IRS before agents hunt you down.
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Darrin T. Mish is a Nationally recognized Attorney whose practice focuses onrepresenting clients across the United States with IRS Problems.He is AV rated by Martindale-Hubbel and is a member of the American Society of IRS Problem Solvers and the Tax Freedom Institute. He has been honored by a listing in Martindale-Hubbel's Bar Register of Preeminent Lawyers. If you have an IRS Problem and need IRS help then contact him immediately. He can be reached at his website at http://www.getIRShelp.com or tollfree at (888) 438-6474.
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