The recession has everyone scrambling to maximize income, whether it is a family clipping coupons and trying to cut costs or a business laying off workers and attempting to renegotiate their debts. Even the government is trying to bring in revenue.
To this end, the Internal Revenue Service recently announced a plan to give offshore tax evaders a break on the amount they owe if they will come forward and pay.
A story that appeared on the New York Times Web site offers details on how the government agency is offering the deal to try to lure individuals who have hidden assets in secret accounts overseas to pay what they owe before the government locates the assets.
If you owe back taxes to the IRS, shouldn’t you take advantage of the current economic climate to try to make the best deal you can to clear your tax debt.
Contact a professional tax attorney today to see if you may qualify for an offer in compromise or other negotiated tax settlement offer.