IRS Foreign Bank Account Amnesty
The IRS Has Announced Another Amnesty
On February 8, 2011, the IRS announced an “Offshore Voluntary Disclosure Initiative” that runs through August 31, 2011. The IRS had previous tax amnesties for foreign accounts in previous years. If you have undisclosed foreign accounts, this opportunity will allow you to comply with federal law while avoiding the potential of criminal prosecution and certain civil penalties. Although the Offshore Voluntary Disclosure Initiative represents an opportunity to disclose offshore accounts, it is still important to consult with an experienced attorney as to the specifics of your situation.
The law firm of Greenspan & Greenspan P.C., with offices in New York, represents businesses and individuals with substantial offshore holdings. If you or your company has reported the existence of substantial foreign bank accounts, our lawyers will advise you of the advantages and disadvantages of complying with the amnesty. Attorney Leon Greenspan (he is retired and no longer practicing law) has practiced law for more than 50 years and has represented businesses and individuals in a wide range of tax issues.
Discuss The IRS Foreign Bank Account Amnesty With Our Lawyers
If you have unreported income tax, or face the potential of serious civil penalties or worse, you need to discuss your situation with our lawyers immediately. Greenspan & Greenspan P.C. has offices in White Plains and New City, New York. Email.