IRS Can Seize Foreign Bank Accounts, Property & Income
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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 does not 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 & Golding specializes exclusively in international tax, and specifically IRS offshore disclosure.
Contact our firm today for assistance with getting compliant.