Unreported Offshore Income
There is nothing illegal about having money or earning money overseas. There is a legal problem, however, when individuals and businesses do not declare their offshore income. People convicted of tax evasion, failure to declare or pay tax on offshore earnings, or other offshore tax crimes could face prison time and extended civil and criminal fines, as well as the requirement to pay all of the back taxes.
Our Orlando offshore accounts tax attorneys have more than 30 years of criminal defense experience in criminal tax matters, as well as handling complicated RICO, tax and corporate white collar crime charges. At the Law Offices of Mark L. Horwitz, P.A., we strive to minimize the consequences of tax crimes resulting from offshore income.
Amnesty for Unreported Offshore Income
There is good news for those who have unreported offshore accounts and income that was not reported. In February of 2011, the government announced another amnesty program for those with undisclosed offshore accounts. The current amnesty program ends on August 31, 2011. This program, called "The IRS 2011 Offshore Voluntary Disclosure Initiative," allows businesses and individuals with undisclosed offshore income and accounts to potentially:
- Avoid the criminal prosecution and incarceration that could arise from undisclosed offshore income and accounts
- Reduce overall civil penalties associated with undisclosed offshore accounts
- Significantly reduce the amount of civil penalties imposed upon unreported offshore accounts
Willfulness is an essential element of tax evasion and fraud charges involving offshore income. Since the filing and paperwork requirements for offshore income are complicated, in some cases, we may argue that the lack of full disclosure of income was a result of error, oversight or lack of knowledge rather than a willful violation. There are many other ways that we could help you. Contact us to learn more.
Florida Offshore Income Attorney ∙ 866-784-0023
From our Orlando criminal defense law firm office, we will represent clients in Orlando, Tampa, central Florida, the country, and throughout the world. To talk with one of our experienced Orlando criminal defense lawyers, call our law firm office or contact us online.
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