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    September 21, 2009




    IRS DEADLINE OF OCTOBER 15TH TO DECLARE FOREIGN SWISS ACCOUNTS

    By: Lance Wallach

          The Internal Revenue Service will extend until October 15th its limited amnesty
    program for U.S. taxpayers with undeclared income on foreign accounts, according to
    government officials.

          The special voluntary disclosure program was begun in March after UBS AG
    turned over the names of more than 250 account holders as part of a criminal
    settlement.  The IRS said the extension comes after “repeated requests” from tax
    professionals who need more time to help taxpayers enter the program.  More than
    3,000 taxpayers had come forward so far for all of last year.  The program has received
    undue attention due to a dispute between the U.S. and Swiss governments over the
    identities of U.S. taxpayers holding $10 billion in 52,000 secret accounts at UBS.  In
    August, the Swiss government agreed to identify at least 4,450 more UBS account
    holders and possibly many from other accounts.

          I have been inundated with calls from people needing help and advise.  
    Taxpayers are stepping forward due to deadline pressure.  Another reason is that
    UBS recently sent the first round of letters to some account holders informing them
    that their information is about to be revealed.  There has been no discernible pattern
    as to which customers were selected, ruining the hopes of those who might have
    thought they could escape scrutiny because their accounts were too small or were
    devoid of potential evidence of intent to evade taxes.

          Taxpayers are deciding to confess for many reasons including they want to sleep
    at night.  Another is that they do not have access to the money anyway.  Many of those
    accepted into the IRS’s disclosure program will owe back taxes, interest and a special
    penalty that will work out to 40% to 60% of the account balance, plus legal and
    accounting fees.  It is unlikely they will bring criminal charges against anyone who
    steps forward.

          Those who have been notified that their identity is about to be revealed to the
    IRS can appeal release of the information in Swiss courts.  U.S. law requires any
    taxpayer who does so to notify the Justice Department. Failing to do so will make any
    criminal case worse.  If you are in this type of situation do something NOW!!.


       Lance Wallach, CLU, ChFC, CIMC, speaks and writes extensively about financial
    planning, retirement plans, and tax reduction strategies.  He is an American Institute
    of CPA’s course developer and instructor and has authored numerous best selling
    books about abusive tax shelters, IRS crackdowns and attacks and other tax matters.
    He speaks at more than 20 national conventions annually and writes for more than 50
    national publications.  For more information and additional articles on these subjects,
    visit www.vebaplan.com, www.taxlibrary.us, lawyer4audits.com or call 516-938-5007.

       The information provided herein is not intended as legal, accounting, financial or
    any other type of advice for any specific individual or other entity.  You should
    contact an appropriate professional for any such advice.




    ______________________________________________________________________
    Lance Wallach, the National Society of Accountants Speaker of the Year,  speaks and
    writes extensively about retirement plans, Circular 230 problems and tax reduction
    strategies.  He speaks at more than 40 conventions annually, writes for over 50
    publications and has written numerous best-selling AICPA books, including Avoiding
    Circular 230 Malpractice Traps and Common Abusive Business Hot Spots.  Contact him
    at 516.938.5007 or visit www.vebaplan.com.

    The information provided herein is not intended as legal, accounting, financial or any
    other type of advice for any specific individual or other entity.  You should contact an
    appropriate professional for any such advice.



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IRS DEADLINE OF OCTOBER 15TH
TODECLARE FOREIGN SWISS ACCOUNTS

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