Jun 11, 2009

Have an Offshore Account- It is Official- the IRS will be geared to chase you...

It is official...the IRS has asked the US Senate for over $128 million to hire 800 new IRS Agents to track down high income Americans who hide their assets overseas.

According to Treasury Secretary Timothy Geithner:

"A total of $332 million would be devoted to new Internal Revenue Service (IRS) enforcement efforts, including $128.1 million to add nearly 800 new IRS employees to combat offshore tax evasion and improve compliance with U.S. international tax laws by businesses and high-income individuals. Another $130 million would go to bolster the security of the IRS information technology, improve the efficiency of its business systems and upgrade its fraud detection capabilities."

The IRS appears, at least politically, serious about chasing down clandestine foreign bank accounts. Whether this will bear any fruit remains to be seen.

The deadline for filing the Treasury Form TD F 90-22.1 is June 30th. Miss the deadline or past deadlines and the IRS promises it will use its resources to find you and enforce penalties for non-compliance.

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