The IRS Reward Program pays whistleblowers millions for reporting tax evasion.
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(iii) Tax payers which professionals of excellence can't afford to be searched without there being compelling evidence and confirmation of substantial kontol.
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In 2011, the IRS in addition to Congress, made their minds up to have a more rigorous disclosure policy on foreign incomes containing a new FBAR form that needs more detailed disclosure info. However, the IRS is yet to secrete this new FBAR document. There is also an amnesty in place until August 31st 2011 for taxpayers who wouldn't fill form FBAR combined years. Conscientious decisions not to ever fill the actual FBAR form will result a punitive charge of $100,000 or 50% belonging to the value globe foreign cause the year not seen.
If choice taxes are high now, wait till 2011. Between federal, state and local governments, you can paying alot more than you are now. Plan in order for it ahead of time and will need to be in a very position limit the damage.