The Internal Revenue Service (IRS) is recently putting a great deal of its resources to work pursuing taxpayers who have unreported offshore bank accounts. Typically, the simple failure of a United States citizen or resident alien [or any business required to file an income tax return in the United States] is considered an abusive tax scheme and carries significant penalties, such as steep fines and possible prison time. While the IRS occasionally releases penalty frameworks that allow taxpayers to voluntarily disclose previously unreported accounts and entities, thus avoiding criminal prosecution and obtaining a significant reduction in fines, such programs [referred to as Offshore Voluntary Disclosure Initiatives (OVDI)] are not always "open."
Have you received a letter from the IRS stating you are under investigation for participating in an offshore tax scheme? You should talk with an experienced tax defense attorney about your legal options.
Massachusetts tax defense attorney Theodore L. Craft has more than 35 years of experience representing clients who have been accused of participating in illegal offshore tax arrangements. He has successfully navigated the program requirements for compliance and taken over a dozen such cases through to closing agreements relating to the 2009 OVDI program and the 2011 OVDI program.
- Read more about recent 2011 offshore voluntary disclosure initiative.
As part of his representation, Mr. Craft will thoroughly review your case and provide an honest assessment of your situation. Should you decide to retain his services, he will guide you through the process of applying for an OVDI program, should one be available, helping you minimize your criminal and civil tax penalties. If no such program is available, he will guide you in the ways of making a voluntary disclosure.
If you have any questions or would like more information on special voluntary disclosure initiatives for unreported offshore accounts or foreign accounts reporting generally, please contact attorney Theodore L. Craft for a free telephone consult to qualify your case.
