Tax season has just begun and if you think you do not have to file any tax returns because your income is lower than the taxable income threshold, then you may be leaving money on the table. Generally, people file tax returns because it is compulsory for those whose income is above the taxable income level. This level varies depending on your filing status, age and the type of income you receive. But I am suggesting to you to file your tax returns even if your income is lower than the taxable threshold in your state. My reason for saying so is that you may get a refund if you had taxes withheld or you may qualify for refundable credits.

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The IRS has so far conducted two voluntary disclosure programs in order to recoup tax money from offshore financial accounts that has been unpaid. As a result, the agency collected about nearly $3 billion in taxes, interest and penalties from 30,000 taxpayers that participated in the disclosure programs as of September 2010. If you have an offshore bank account in which you hide taxable income, beware because the law is fast catching up with you.

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The IRS says that the total taxes paid in 2006 was lower by a massive $450 billion compared to what was supposed to have been paid. That comes up to an underpayment of about 17%. 2006 is the latest year for which the IRS has gathered such statistics. The shortfall in taxes far exceeded the size of the entire federal budget deficit that year, which was $248 billion. However, this amount was reduced to about $385 billion or 14% after audits and other collection efforts were carried out. This still exceeded the budget deficit, meaning that if the shortfall was actually collected, the budget would have shown a surplus instead of a deficit for 2006.

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The word is out. The identity of the three Swiss bankers charged by the IRS of abetting wealthy US taxpayers in avoiding taxes is revealed. The three work for Switzerland’s Wegelin & Co and are accused of helping US taxpayers dodge taxes on more than $1.2 billion in taxable income. The three are Michael Berlinka, Urs Frei and Roger Keller, who still remain employed at the Zurich branch of the bank.

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Tax News

IRS Accuses 3 Swiss Bankers of Abetting Tax Evasion

Three Swiss bankers were charged last Tuesday by the IRS for helping wealthy American taxpayers avoid paying taxes on more than $1.2 billion of taxable income. Following the same modus operandi of offshore tax evasion in the past, this money was stashed in secret bank accounts overseas. This accusation is the latest indictment in the long-drawn battle the IRS is waging against offshore tax evasion.

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