Resolving Problems with the IRS About Unreported Offshore Accounts and Foreign Income

U.S. citizens and non citizen residents must report income on a U.S. tax return, regardless of where that income was earned. If you are a U.S. citizen working overseas, you must report your income to the IRS as well as to the country in which you live and earned the income. Credits and deductions may mean that you do not owe taxes, but you are still required to report income.

The IRS is also interested in foreign investments. In years past, some investors saw offshore accounts held in foreign banks as a way to hide income and assets. But in 2009, the IRS began to crack down on offshore bank account holders and major foreign banks that aggressively recruited U.S. citizens.

If you have a foreign bank account with more than $10,000 in the account at any time over the year, that account must be reported and the income declared. You must do both. If you reported it but did not declare income, you could face criminal charges for tax fraud, filing a false tax return or tax evasion due to unreported offshore accounts and foreign income.

Contact the Orlando criminal defense attorneys at the Law Offices of Mark L. Horwitz, P.A., or call us at (407) 401-7224 or toll-free at (866) 784-0023.

Our defense lawyers will develop an effective defense strategy for you. This may include participation in the IRS voluntary disclosure program or defending you if criminal charges are filed.

• Learn more about the risks and benefits of the IRS voluntary disclosure program

If the IRS has accused you of hiding assets overseas in unreported offshore accounts with foreign income, the penalties against you will increase every day. Call our office as soon as possible at (866) 784-0023 for experienced and aggressive defense of violations of the tax law involving unreported offshore accounts and foreign income. Our phones are answered 24 hours a day.