It is almost an open secret that tax havens like Switzerland are where the rich stash their cash to avoid taxes. Nothing much has been done to pursue this matter until now. But recently, the IRS has announced a type of amnesty program that allows people to voluntarily disclose their offshore assets in exchange for a reduced penalty and avoidance of criminal charges. This USA amnesty policy is called the Voluntary Disclosure program. Here is a general outline of what this policy says and how it affects your bottom line.

As the name suggests, under this USA amnesty you must disclose the details of your offshore bank accounts voluntarily. In the meantime, the IRS has been investigating. Recently they struck a deal with one of the major Swiss banks, UBS bank, to obtain information on thousands of their American account holders suspected of dodging taxes. If the IRS gets to you before you make your disclosure, you get no amnesty at all. This amnesty program is to reward those willing to be honest, not to help those that have already been caught. The intention of this program is to ensure American taxpayers are upfront with their assets and pay taxes on them.

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If you have not been paying your taxes on time for whatever reason, the IRS may impose a bank levy on you. A bank levy is done by the IRS to reclaim back taxes that you have refused or are unable to pay back. Essentially, a bank levy is where your bank account is frozen by the IRS and used to pay off your tax debt. Your banker is obligated by law to comply with this IRS action. In order to avoid a bank levy, IRS methods work best. So take heed if you have received a letter from the IRS threatening a bank levy on you.

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If you are in at your wit's end over what to do about your IRS tax debt, you should know about the various options you have open to you. The IRS is more than willing to evaluate your debts and discuss with you how to settle it.

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Do you know the best way to deal with an IRS audit? It is to avoid it altogether. You may not know this, but whenever you submit your tax returns, it is scrutinized by a giant computer for anything amiss. When the number of anomalies exceeds a certain limit, your return is flagged by the computer and subsequently audited by a real person from the IRS. So how can you keep your return from being the subject of an audit? Read on for some useful tips.

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Undoubtedly, the most common way of paying off burdensome tax debts is the payment plan. This method of payment makes eliminating your debt more manageable and preempts more severe measures like tax levies by the IRS. In that sense, payment plans are like a God-send.

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