The Internal Revenue Service is extremely powerful. They have the ability to tap into a variety of resources in terms of looking up your financial history and a number of other things. Due to this, you need to do all that you can to be sure that you are in accordance with the current Internal Revenue Service laws. This is exactly why making an IRS offshore voluntary disclosure can help you avoid paying too much in taxes.
The Internal Revenue Service has a program that is known as the offshore voluntary disclosure initiative. Under this initiative, you have the ability to make clear with the Internal Revenue Service what you have in terms of undisclosed foreign accounts. If you file with this type of disclosure with the Internal Revenue Service you will be able to get amnesty under the program before the IRS is able to come after you.
Using foreign banks and new reporting requirements, the Internal Revenue Service can come after you for foreign sources income and income such as bank interest income from banks in other countries.
The IRS offshore voluntary disclosure program has proven to be a saving grace for many tax payers who were unaware of the filing that needed to be made with the Internal Revenue Service. The offshore voluntary disclosure program can be intricate and somewhat complex, but utilizing experts such as www.kahntaxlaw.com can ease the burden up a bit in understanding the program.
Although technology has made it possible for people to buy and sell products or services on the Internet, it has also opened the door to new regulations that govern these transactions. With the advent of the internet comes a new set of laws that protect the rights of businesses and consumers. However, there is a problem: international technology law is a fairly new field that is not only extremely complex but also constantly evolving. With such rapid advancements in technology, it can be impossible for the law to keep pace with what’s happening online.
If you own an e-commerce business, it’s important to know these and others laws and regulations that involve your operations. But if the law has a difficult time keeping up with technology, how do we expect business owners to keep pace? We don’t. Savvy online business owners are making friends with law firms that specialize in international technology law. And while it is an ever-evolving field, it’s nice to know that a law firm can help businesses navigate through it all.