If you are in the position where you haven’t paid your taxes for a few years running, it might be time to hire legal counsel to plead your case not unless you have a penchant for trouble. Not only can you get assistance in the form where you can pay your back taxes in installments but you can avoid litigation that can be a real problem especially in regards to your finances.
Some of these offenders take it to another level by hiding their money in offshore accounts, and while the United States government continues to obtain information about these offenders, there have been two ‘chances’ given to these people by means of an IRS amnesty program.
If you are in two minds as to whether or not you should try this program, here are some benefits that can help you decide:
#1: No litigation and penalties
If you haven’t paid taxes while holding an offshore account illegally, then you can be sure that by availing this foreign account amnesty program, you will definitely avoid litigation and penalties that others who haven’t paid heed to the program will have to deal with. And it won’t be funny as those penalties will be substantially higher if the person is caught after the offshore amnesty program time limit is over.
#2: Peace of mind
Since the US government continues to obtain information about its citizens and their offshore accounts, people who have flouted with these rules will definitely not be at ease because it can be their turn next to face the penalties and charges that the IRS will slap on them once caught. If you pay your back taxes during this time, you should be able to have peace of mind while not having to pay penalties either.
#3: No financial hassles
Once you have paid your taxes using the IRS offshore amnesty program, there will be no need to face any financial and legal hassles as you will be pardoned of the illegal activity. However, in order to do so, you will have to pay the taxes according to stipulations as mentioned by the Voluntary Disclosure period offered to tax offenders.