Americans Have Until Sept 23, 2009 to Come Clean with Offshore Bank Accounts, to Avoid Possible Criminal Prosecution

“Americans who have concealed assets offshore have until September 23 to voluntarily come clean with the IRS and take advantage of the reduced penalties connected with the current offshore initiative,” said John DiCicco, Acting Assistant Attorney General for the Tax Division. “Failure to come forward and to disclose offshore assets exposes these Americans to increased penalties and possible criminal prosecution.”

For clarification of the rules, contacting a Tax Attorney or Enrolled Agent would be in you best interest. You can also research the IRS web site at irs.gov - keyword: offshore accounts

The IRS has gone so far as to list out the different ways, taxpayers get caught when hiding offshore accounts.

If you have not filed past due returns which includes monies in a foreign account, you can contact a CPA or a Tax Accountant that is registered with the IRS.