New Jersey Tax Lawyers Explain Options Available Following End of IRS Voluntary Tax Disclosure Program

FOR IMMEDIATE RELEASE
Rutherford, New Jersey, United States of America (Free-Press-Release.com) November 1, 2011 -- The 2011 IRS program that allowed those with foreign accounts and assets to report them and minimize their penalties has ended.

Rutherford, New Jersey, September 2011—The IRS has recently closed its 2011 program that allowed people with offshore accounts for purposes of evading American taxes to report their offshore accounts and avoid substantial criminal and civil penalties. After consultation with a New Jersey tax lawyer, many people who live in New Jersey chose to disclose their offshore accounts and pay a civil penalty to prevent larger civil penalties and even criminal prosecution in the future.

The IRS voluntary disclosure program benefited both offshore account holders and the IRS. Offshore account holders were granted some predictability about the costs of resolving their tax issues and had their civil penalties reduced and criminal penalties practically eliminated; given that the civil penalties alone can run into the hundreds of thousands of dollars—not to mention the risk of prison time for criminal tax evasion—this was a substantial benefit. The IRS, on the other hand, was able to centralize their processing of undisclosed offshore accounts and to encourage offshore account holders to voluntarily disclose, which is less expensive and less time-consuming than tracking down tax evaders.

However, even if you missed the deadline for the program, if you have undisclosed foreign accounts or assets, consult with a New Jersey tax lawyer today. The IRS has a voluntary disclosure program that runs constantly. A timely, accurate and complete disclosure of your assets is weighed by the Criminal Investigation Division when they consider whether to seek criminal penalties for tax evasion. However, the recently closed program addressed the civil side by outlining what the civil penalties for undisclosed offshore accounts were and stating for which tax years the penalties applied. However, even though a voluntary disclosure is less beneficial now than previously, it may be more beneficial to make a voluntary disclosure than to wait for the IRS to catch you. Your New Jersey tax lawyer will know more.

The Thorn Law Group consists of experienced New Jersey tax attorneys who are dedicated to serving their clients in New York, New Jersey, Connecticut and Pennsylvania. In civil and criminal cases, they defend their clients before the IRS, United States Tax Court and US Department of Justice in cases involving business or criminal tax law, offshore bank accounts, international tax disputes, audits, ethics and professional responsibility investigations and IRS whistleblowers.

The Thorn Law Group
(201) 842-7696
(201) 939-0977 (fax)

http://www.newjersey-tax-lawyer.com/.

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