What Is The Irs Voluntary Disclosure Amnesty?

These massive penalties and the threat of prison have for years kept people from coming clean on their offshore tax problems. Recognizing this, the IRS has a temporary program -- a voluntary disclosure amnesty program.First, let me state for the record, that yes, they are perfectly legal. In fact, offshore banking itself, while the rules may change a little, needs to stay legal. Forever. The economy depends on it. Money will always need to be transferred between countries, or trade would stop. So there will always be a need for offshore bank accounts.Assuming you are an English speaker, narrow your focus to offshore banks which speak English. There are plenty available and this will make it easier for you to ask questions and conduct your business. Do not underestimate the value of this tip.This is where people posing as a government official requires your personal Banking information. No Government will ever ask you for any personal details so as soon as you get that phone call hang up, they are Bogus!And for those offshore bank account s for hiding your money, there are better legitimate options to reduce your taxes. Concealing your income in an offshore bank account is not accounted as one of them.If you're so inclined, you should explore "territorial tax" or "no tax" jurisdictions for your residency. See if your dream wish list can be matched with countries that have tax advantages.financial accounts, offshore bank, tax evasion