If you are a UBS account holder who didn't disclose on time, it may be too early to congratulate yourself. Before you do, consider:
1. When UBS closed your account, what did you do with the money? Did you wire it somewhere? Did the place you wired it to have a reporting agreement with the IRS? If so, the IRS will find out about the transfer. Then it will look to audit you or begin a criminal investigation.
2. For taxpayers who did disclose, they listed the name of their advisers. The IRS got the names of a lot of brokers, CPA's and attorneys. My guess is that the IRS is running those name through a database…to see whose names keep popping up, and then to see if these people warrant further investigation.
The nature of the offshore game has changed dramatically. The IRS is playing its cards extremely well. If you missed the deadline to submit a disclosure, you may still disclose under the standard program, provided criminal or civil investigations against you have not commenced.
Contact us for more information at 888-727-8796 or email info@irsmedic.com.
