Dirty Dozen Tax Scams: #1 Hiding Income Overseas

2011 Dirty Dozen Tax Scams According to IRS, will be listed and explained to the informed Tax Payer.

#1 Hiding Income Overseas - IRS Aggressively pursues Abusive Offshore transactions as well as promoters, professionals, and others who enable Taxpayers to Avoid or Evade U.S. Income Tax by Hiding Income in overseas Banks, Brokerage, or through use of Nominee Entities. Tax Payers evade taxes by using Offshore Debit Cards, Credit Cards, Wire Transfers, Foreign Trusts, Employee Leasing Schemes, Private Annuities, or Insurance Plans. 
IRS has opened a Special Second Voluntary Disclosure Initiative for Tax payers with Foreign Accounts. The Civil and Criminal Penalties can be very heavy for the offending Tax payers. Go to www.irs.gov for details.
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