October 31st, 2022 in
Does the IRS Have an Amnesty Program for Foreign Bank Accounts? It is legal for an American to have an offshore bank account, but to do so, it must meet specific laws and requirements. A person with an offshore bank account with a balance of over $10,0000 must file a disclosure each year, and income earned from the account must be included in tax returns with the proper disclosures. Failure to take these steps can lead to financial losses as well as prosecution and incarceration, even if you have no history of other legal issues.
The IRS put in place an amnesty program in 2009. It allows for those who have offshore bank accounts and any unreported income within them a way to tell the IRS about this without facing criminal legal actions in doing so. In short, it is a way for those who may not have met the requirements of the offshore bank accounts to come clean about this and reduce the risk of significant fines. The program closed on October 15, 2009.
However, the IRS has several amnesty programs still in place that some people may qualify for, such as the Voluntary Disclosure Program, Streamlined Offshore Procedures, Streamlined Foreign Program, Streamlined Domestic Program, and Delinquent FBAR Program. If you are facing a situation in which the IRS does not know about funds in an offshore account, we highly encourage you to reach out to a tax attorney with specific experience in this area for guidance and support. Because the IRS is very aggressive about these types of accounts and collecting on them, it is likely that they will learn of your situation.
Our legal team at Steburg Law Firm can help you. We work closely with Americans who are facing legal risks as well as IRS actions that may be avoidable. We will work closely with you to try to reduce the challenges you are facing and provide you with all of the advice and guidance possible. Do not wait to contact us to learn more about your legal rights in this matter.
Do I Qualify for the IRS Amnesty Program?
It can be hard to know if you qualify for an IRS amnesty program without more information, which is why we encourage you to reach out to our office to set up a formal consultation. We will discuss the case with you and help you learn what your rights are.
In many situations, these programs may be available to those who are not under a criminal or civil examination by the IRS. If you are in one of those legal situations, our team can help you to work through the process. Unfortunately, this could mean that you are unable to obtain amnesty support.
Many other factors play a role in your ability to qualify. For example, is your delinquency due to non-willful conduct? Perhaps you have filed all of your tax returns in the last three years. This could allow you to qualify for some programs. In situations of non-wilful conduct, the IRS tends to be more willing to work with you. The amount of your tax obligation can also play a role. Those who owe more than $25,000 tend to have less access to this type of support.
Even in situations where you are delinquent on your offshore accounts with some exposure to criminal liability or civil penalties may have legal options available to them. We encourage you to reach out to us immediately for help in these oftentimes more complex and limited situations. Even if you have been told by the IRS that they cannot help you, we may be able to work with you.
How the Steburg Law Firm, P.C. Will Help
Our team at Steburg Law Firm understands the complications that typically arise in situations like this, and we want to help you. Meet with us to discuss what is occurring in your situation. Allow our team to help you explore opportunities that could be helpful to you. We are committed to working to protect your privacy throughout this process. Yet, it is important to take action as soon as possible/
Set up a consultation with our tax attorneys. We will evaluate the specifics of your case and offer recommendations for amnesty or other legal steps that may be available to you. You can depend on us to be there to support you throughout this process. Expect outstanding support from our team when you give us a call.