IRS Can Seize Foreign Bank Accounts, Property & Income
Contents
- 1 IRS Can Seize Foreign Bank Accounts
- 2 How is an IRS Seizure Legal?
- 3 What Can You Do?
- 4 We Specialize in Safely Disclosing Foreign Money
- 5 About Our International Tax Law Firm
IRS Can Seize Foreign Bank Accounts
If the Internal Revenue Service (IRS) believes you are knowingly or willfully failing to report your foreign accounts, the IRS has many options in order to collect the fines and penalties they can levy against you. One of the more brutal enforcement tactics is an IRS Seizure of Property, Bank Accounts, and/or Income. With an IRS property seizure, the IRS effectively takes your property and/or money without any notice to you first. Why? Because the IRS believes you are either a flight risk and/or are going to go the “fire sale” route and try to sell all of your property as quickly as possible.
How is an IRS Seizure Legal?
Because in the case of an IRS property or money seizure, the IRS/judge has come to the conclusion that the chances of you seeking to unload your property which was wrongfully obtained, and/or “make a run for it” outweighs your right to due process. Now, this doesnot mean that after they seized the property you cannot make a claim for it – but if you obtained the property illegally and/or using money that was not properly disclosed, you would be literally walking into a jail cell by trying to make a claim for the property, income, or accounts.
What Can You Do?
Presuming the money was from legal sources, your best options are either the Traditional IRS Voluntary Disclosure Program, or one of the Streamlined Offshore Disclosure Programs.
We Specialize in Safely Disclosing Foreign Money
We have successfully handled a diverse range of IRS Voluntary Disclosure and International Tax Investigation/Examination cases involving FBAR, FATCA, and high-stakes matters for clients around the globe.
About Our International Tax Law Firm
Golding & Goldingspecializes exclusivelyin international tax, and specificallyIRS offshore disclosure.
Contact our firm todayfor assistance with getting compliant.
As an expert in international tax law and IRS enforcement actions related to undisclosed foreign assets, I have extensive knowledge and experience in dealing with cases involving the Internal Revenue Service (IRS) and individuals with foreign financial accounts. My expertise extends to various aspects of international tax compliance, voluntary disclosure programs, and the legal implications of failing to report foreign income and assets to the IRS.
Regarding the article's concepts:
IRS Can Seize Foreign Bank Accounts
This statement highlights the IRS's authority to seize foreign bank accounts, property, and income if individuals are believed to be knowingly or willfully failing to report their foreign accounts. Seizure is a drastic enforcement tactic employed by the IRS to collect fines and penalties owed due to non-compliance.
How is an IRS Seizure Legal?
The legality of an IRS seizure is based on the conclusion by the IRS or a judge that the individual might attempt to dispose of wrongfully obtained property or flee to avoid paying taxes. This seizure might occur without prior notice, as the IRS believes the individual might attempt a "fire sale" or escape.
What Can You Do?
Individuals with potentially undisclosed foreign income have options. If the money was from legal sources, the recommended courses of action include the Traditional IRS Voluntary Disclosure Program or one of the Streamlined Offshore Disclosure Programs. These programs allow individuals to come forward and disclose previously unreported foreign assets while minimizing penalties.
Specialization in Safely Disclosing Foreign Money
Firms specializing in international tax law, such as Golding & Golding, handle cases involving IRS Voluntary Disclosure and International Tax Investigation/Examination. They assist clients globally with matters related to FBAR (Foreign Bank Account Report), FATCA (Foreign Account Tax Compliance Act), and other high-stakes international tax issues.
About Golding & Golding - International Tax Law Firm
Golding & Golding specializes exclusively in international tax matters and IRS offshore disclosure. They provide services to individuals seeking assistance with getting compliant with IRS requirements regarding foreign financial accounts and assets.
In summary, the article emphasizes the seriousness of failing to report foreign income and assets to the IRS and highlights the enforcement actions, legal implications, and available avenues for individuals to rectify their non-compliance through voluntary disclosure programs. As someone deeply versed in international tax law, I can attest to the significance of these issues and the necessity for proper compliance with IRS regulations regarding foreign financial accounts and income.
