If you thought the steady stream of IRS announcements related to offshore accounts investigations happened to be a coincidence, imagine me shaking my head and clucking…
This week, the IRS made noise about a new amnesty program targeting wealthy Americans and offshore accounts. I know what you’re thinking: Didn’t we just have one of those?
But the IRS
thinks knows that more accounts are out there and they’re kind of hoping that taxpayers will do their work for them come forward on their own. This time, however, rumor has it that the terms aren’t going to be as magnanimous as before. In other words, don’t count on amnesty to solve all of your woes.
Tax season is upon us and when you sign your tax return, you’re doing so on penalty of perjury. In other words, don’t lie. If you’re concerned about the potential consequences of a disclosure, you should check with your tax professional as soon as possible.