The IRS has significantly increased enforcement of the laws requiring reporting of foreign financial accounts and assets. McMahon & Associates, PC has represented hundreds of taxpayers resolve their foreign asset and income reporting problems. Penalties in this area can be significant and new laws will make concealing such accounts more difficult. The IRS’s current voluntary disclosure program allows taxpayers to come into compliance and pay a smaller penalty than otherwise possible.
Any taxpayer who believes they may have a foreign asset reporting compliance problem should contact us immediately. The rules governing the IRS Offshore Voluntary Disclosure Program have been and may be revised at any time.