Having Issues with Tax Evasion? Trust Legal Tax Defense for the Best Legal Assistance
There are many tricks business owners, and individuals use to evade paying United States taxes. One of the most common is placing assets or money in foreign accounts. These accounts are located in various countries all over the world. The federal government has been cracking on US citizens with offshore accounts through the Foreign Tax Compliance Act (FTCA). This act makes it mandatory for all financial institutions to disclose all information regarding all United States Foreign account holders.
All those affected by the regulations can avoid being prosecuted and civil penalties invoked by the IRS by joining the Offshore Voluntary Disclosure Program. At Legal Tax Defense, we can sort all issues you might have with IRS. Before looking at how our tax lawyers can help, let look further into what the Offshore Voluntary Disclosure Program entails.
Offshore Voluntary Disclosure Program
This is a program initiated in 2009, to help the IRS collect more tax from US citizens with offshore accounts. It was created as a result of many people opening the foreign account to evade paying the taxes. The program offers mutual benefit to the IRS since it does not have to put a lot of effort or resources collecting taxes from the account holders. On the other hand, it helps those with offshore accounts to avoid the huge penalties involved in violating the terms of the Foreign Tax Compliance Act (FTCA). Those who fail to comply get penalties ranging from $ 100, 000 to $ 500,000 or prison term going up to ten years.
How Legal Tax Defense Can Assist
Having an offshore account can offer you a myriad of benefits. However, it can also put you into problems with IRS if they detect you are violating some of the regulations set when it comes to matters about taxes. If you are having an issue with the IRS because of your foreign account, Legal Tax Defense offers the perfect solution for you. Our tax lawyers can help you to create a fully compliant offshore account that will not put you in loggerhead with IRS.
Our major interest is to ensure that all our clients are free from all tax and IRS problems. Our tax attorneys guide you on how to join the Offshore Voluntary Disclosure Program, adhere to its regulations, and avoid potential criminal prosecutions. Despite that we offer the best tax legal assistance, you can always enjoy our competitive pricing and many other benefits we offer to our clients.