The IRS’s New Amnesty Program can help individuals with undisclosed accounts avoid incarceration but the program expires on August 31, 2011.  I believe this is the perfect time for taxpayers with undisclosed accounts to take advantage of the IRS’s New Amnesty Program for undisclosed offshore accounts.

Arthur Joel Eisenberg, an undisclosed offshore account holder with Swiss bank UBS, pled guilty in a federal court in Seattle, Washington. Eisenberg was charged of willfully filing a false tax return as well as failing to disclose that he had a financial interest in an offshore account. He paid a $2.1 million penalty for failing to file a FBAR; in addition to incarceration and future probation.

Four Credit Suisse International Bankers have recently been indicted on charges of illegal cross-border banking. The bankers have been assisting U.S. taxpayers to evade taxes through undisclosed offshore accounts. These questionable practices have been perpetuated by many Swiss banks since the 1950s. Several Swiss banks, as well as other international banks around the globe, have been suspected of soliciting U.S. taxpayers and providing them with illegal tax advice resulting in a failure to adhere to reporting requirements.

This time the IRS arrests a Credit Suisse banker in connection with a long-running US tax evasion investigation.  His name is Christos Bagios and it is believed he is one of several individuals likely to face charges this week as prosecutors turn their focus to bankers and wealthy clients.

The IRS is reinvigorating its asset forfeiture program..  If the assets in your bank are all of a sudden frozen, there is a good reason for it.  Odds are, it probably involves the IRS.