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Don’t Let IRS Impeachment Hearings Fool You – The IRS Offshore and FBAR Audits Aren’t Going Anywhere but Up

Don’t be distracted by the US House of Representatives hearings where they are attempting to impeach IRS Commissioner John Koskinen.  The commissioner stands accused of many allegations including lying to congress, abuse of power and other acts that diminish confidence in one of the US Government’s most powerful agencies.   Meanwhile, the IRS offshore and FBAR audits continue to increase, and all experts have predicted that the number of FATCA and FBAR related audits will skyrocket within the next few years.  The US Justice Department and our government have invested far too much time, legislative action, international enforcement and inter-agency information transfer technology improvements in order to identify, audit and if necessary prosecute US taxpayers who have attempted to use offshore strategies to evade US taxes.

It is also important to remember that the IRS recently hired 700 new auditors.  These employees were brought on for one purpose: to increase the number of IRS audits each year and to increase revenues from US taxpayers.  (Note: we should read US taxpayers as “us” taxpayers, and not “U-S” as in “United States” taxpayers).  The amount of information flowing into the IRS from offshore banks, investment houses, financial institutions and foreign tax agencies is staggering.  The IRS is able to tie extensive information about accounts, transactions, balances and income to individual US taxpayers.  It is only a matter of time.  This is why it is so important to come into compliance with IRS FBAR and offshore disclosure requirements immediately.

The experienced domestic and international tax attorneys at Allen Barron have the depth of experience and expertise to guide you through this process.   We extend the protections of the attorney-client privilege to our clients (not available through your CPA, financial adviser or tax preparer).  We can discuss all of the details of your past offshore activities in a legally protected environment so that you can freely disclose all information and receive the best counsel and strategic recommendations to come into FBAR compliance and avoid IRS offshore and FBAR audits in the future.  We invite you to call 866-631-3470 for a free and substantive consultation.