Q: What do I do if I received a notice from my offshore bank regarding my offshore bank account?
A: When dealing with offshore bank accounts, there are many legal issues that can arise – both domestically and abroad. If you’re offshore bank has contacted you with a notice of levy, contact our offices immediately at 800-IRS-LEVY, as time is of the essence. You have only a small window of time (just 21 days) to reverse this process and ensure that your assets are fully protected. Though the state and federal government has the right to go after your domestic funds, they also legally have the right to seize offshore assets in order to satisfy your debts.
In some cases, clients we’ve worked with have housed their money in offshore accounts in order to protect it from taxes, but if you have an offshore account and have undisclosed foreign income or are accused of tax evasion, though your money may be safe, you can still face the possibility of criminal prosecution and additional fines up to hundreds of thousands of dollars. If you have an offshore account that has caused you to incur IRS penalties, or you’ve received a notice of levy for an offshore account, it’s critical time to hire IRS tax lawyers that can protect you and help to mitigate the damage. Any one of our IRS attorneys can provide you with a free 1 on 1 consultation to discuss your options. Contact us today. We can help. (800) 669-4775