• Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Pridgeon & Zoss, PLLC

Just another WordPress site

  • Home
  • Firm Overview
    • Review Us
  • Meet Our Attorneys
  • Tax Law Services
    • CP504 Notice in MN
  • Professional Referrals
  • Our Required Retainer Deposit & Fees
  • Blog
  • Contact Us
Home / Back Taxes Or Tax Debt / Far from negligible: potential IRS penalties on overseas accounts
  • Home
  • Firm Overview
    • Review Us
  • Meet Our Attorneys
  • Tax Law Services
    • CP504 Notice in MN
  • Professional Referrals
  • Our Required Retainer Deposit & Fees
  • Blog
  • Contact Us
Call
Contact
Blog

Far from negligible: potential IRS penalties on overseas accounts

A tax-related blog can hopefully be forgiven this time of year for recurrent reference to a theme that is playing out in a broad-based way and with strong relevance for a large number of American taxpayers.

That focus is simple and succinct, namely this: IRS power globally.

We most recently noted the ever-expanding global reach of the Internal Revenue Service in our March 11 blog entry, noting therein that it “can sometimes be on display in a manner that can surprise and even amaze.”

And, we added, the heavy hammer wielded by the tax agency across the world is “understandably raising many questions.”

Here’s one such question, which couldn’t possibly be a more compelling self-posed query for many filers and some of our readers:

To what extent can the Internal Revenue Service penalize me for my failure to divulge information regarding an overseas bank account?

Some people might want to just close their eyes or gloss over the following paragraph.

For those who welcome truth even when it comes packaged like a bucketful of ice water in the face, here is one potentiality, as delivered in a recent media assessment on what can befall Americans who become IRS targets for nondisclosure of overseas account information.

When the math works out right (at least for the IRS), an individual could be presented with a penalty demand of as much as $600,000 on mere holdings of $20,000 in a foreign bank.

And that doesn’t include criminal penalties that could be additionally sought by the agency.

Given that there is, of course, wiggle room — termed as “mitigation guidelines” by the IRS — in given cases, the aforementioned media account advises any concerned American with questions or concerns regarding money held overseas to consult with a proven tax attorney.

Doing so could pay off in a most literal sense.

On Behalf of Pridgeon & Zoss, PLLC Apr 07 2015 Back Taxes Or Tax Debt

Primary Sidebar

Do Not Delay Responding to a Tax Notice

Name(Required)

Practice Areas

Tax Disputes

  • Tax Litigation
  • Audits
  • Tax Appeals
    • Appealing a Levy Action

Business & Payroll Taxes

  • Trust Fund Assessments
  • Complying with Sales and Use Tax Laws

Self-Employed

  • No Taxes Withheld

Outstanding Balances

  • IRS Collections and Currently Not Collectible Status
  • Settlement Options
    • Offers in Compromise
    • Installment Agreements

Latest Blogs

The Secret to Successful Self-Employment

October 19, 2022

Things You Should Expect Being Self-Employed in Minnesota

October 13, 2022

The Importance of Source Documents

July 7, 2022

What Is a Notice of Deficiency?

June 9, 2022

What is the IRS dispute resolution process for businesses?

April 9, 2021

Footer

Edina Tax Law Office

7301 Ohms Lane, Suite 420
Edina, MN 55439

Telephone: 952-835-8320

Fax: 952-835-0201

St. Anthony Tax Law Office:

2812 Anthony Lane S, Suite 200
St. Anthony, Minnesota 55418

Telephone: 612-455-8948

Pridgeon & Zoss, PLLC provides legal counsel for clients in Minnesota and Western Wisconsin

© 2023 Pridgeon & Zoss, PLLC. All Rights Reserved.

Disclaimer | Site Map | Privacy Policy