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State amnesty better than federal offer in offshore cases, experts say

June 4, 2009 by  

State amnesty better than federal offer in offshore cases, experts say Much has been said about the Washington-announced amnesty for holders of undeclared offshore assets, but one expert says the states’ offers may be more attractive.

Following the example of the federal government, many U.S. states have recently adopted voluntary disclosure programs for taxpayers with undeclared offshore accounts.

However, the benefits of a state tax amnesty can be even more advantageous than the current IRS policy, say lawyers from Caplin & Drysdale, a company specializing in tax and legal services to companies and individuals.

They add some state programs can include full penalty abatement, immunity from state criminal prosecution and a limit on the number of years of tax returns that need to be amended.

However, "To qualify for most of the state voluntary disclosure programs, the taxpayer must make an application directly to the state taxing authority [so] simply filing amended state tax returns is not sufficient," says Jim Mastracchio, a partner with the firm.

The U.S. government’s crackdown on what it sees as tax havens was prompted by the financial crisis and the costly stimulus bill as well as several rounds of corporate bailouts that need to be paid for.

It gathered steam after the G20 summit in London earlier this year where global leaders pledged cooperation in pursuing the matter.
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  • ONTIME

    This may not be worth getting excited over, this administration by it’s own hand and mishandling of so much of this nations capital have inadvertently put a kink in the overall collection of normal taxes by as much as 25%. The IRS is under equipped to pursue many of their claims at present because of overload and budget problems. Consulting a good tax attorney would behoove anyone who may have a claim against them or is in expectation of confronting the IRS in the near future.

  • Dgstomp

    Its time to get lobbyists, corporate bribery agents, union bribery agents and orginized criminals out of out of the U.S. stock market, out of the U.S. commodities markets, out of the U.S. financial markets and out of the U.S. goverment.

  • mountain_man

    It is because of the instability of this 3rd world government we call the United States that people have wisely moved their money to more stable countries. The few states that have offered amnesty are aware of the “Obama” administration’s frantic need for cash, having made the deal with the [banker] devil, and needing to pay up or else.
    This makes the case for Sovereignty and being a Sovereign within the State you live in…
    Would being an expat of the US take the hurt off the ones who moved their money off shore?

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