Attorney Jay Nanavati published “Why Holders of Foreign Bank Accounts Need to Worry About IRS's Voluntary Disclosure Data-Mining Program” in Bloomberg BNA's Daily Tax Report.

In this Article Navavati asks "Have you ever been surprised by Facebook or LinkedIn’s ability to suggest people to whom you may be connected, when even you had forgotten how you were connected to those people?"  

"Perhaps the social networks’ technology crunched data that you provided on your home town, Boy Scout troop, high school, first job at McDonald’s, or flyfishing hobby, to find latent connections between you and a long-lost acquaintance."

U.S. taxpayers who are still considering whether to disclose their accounts need to understand that IRS's data-mining software, E-Trak Offshore Voluntary Disclosure system, increases their risk of being detected.

"Use of such data-mining technology is widespread, and the Internal Revenue Service has adopted it to find taxpayers with undisclosed offshore bank accounts. U.S. taxpayers who are still considering whether to disclose their accounts need to understand that IRS’s data-mining software increases their risk of being detected. They should act accordingly and seek legal advice immediately."

Additionally, the phasing in over the coming year of the Foreign Account Tax Compliance Act (FATCA) will only increase the breadth and depth of the data available to IRS and E-Trak.

If you have Unreported Income From Offshore Banks, contact the Lawyers at Marini & Associates, P.A. for a FREE Consultation at www.TaxAid.usor www.TaxLaw.msor Toll Free at 888-8TaxAid (888 882-9243).

Call US before Uncle Sam finds you!