Tuesday, October 13, 2009

Two days of amnesty left for tax evaders 10/15/09 -- DailyFinance

Two days of amnesty left for tax evaders -- DailyFinance: "If you've secretly been holding money offshore and haven't reported it on your taxes, you must do so by Thursday, Oct. 15. That's when the IRS ends its current tax amnesty program, so if you wait any longer, you could face huge fines and jail time. Furthermore, UBS (UBS), Switzerland's largest bank, is about to release another 4,450 names of account holders suspected of tax evasion to the U.S. government, and once the IRS has your name, it will be too late to make a deal.

In September, the IRS decided to shift the audits of wealthy Americans suspected of offshore tax evasion to the elite division that examines businesses. The IRS posted internal job listings seeking auditors to work for a newly created office within its Large and Mid-Size Business division that will monitor what the IRS called the "global high-wealth industry."

If you are uncertain about what to do, time is running out to seek legal advice. Even if you decide not to file, you'd be wise to sit down with a tax attorney and determine your best course of action. I doubt the IRS is going to play nice, and all indications are that it intends to beef up its policing of offshore accounts.

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