IRVINE, Calif. (September 2, 2009) – Ramirez International, an Orange County Calif.-based, full-service CPA and consulting firm announces special services designed to assist clients with the Internal Revenue Service (IRS) new Voluntary Disclosure Program (VDP) for U.S. citizens and residents ending on September 23, 2009. Failure to participate in the amnesty program could result in the IRS pursuing criminal tax evasion charges as well as fraud penalties (75 percent of the unpaid tax), among others.
“Ramirez International has the technical expertise to assist in making an initial evaluation whether personal circumstances warrant a submission to the VDP or merely require preparation of unfiled returns,” said Manuel J. Ramirez, CPA, president and chief executive officer of Ramirez International. “The firm specializes in preparing all required filings for submission with the IRS and representing U.S. citizens and residents before the IRS.”
U.S. citizens and residents must report and pay tax on their unreported worldwide income, including earnings on foreign financial accounts. In addition, a Report of Foreign Bank and Financial Accounts (FBAR), Treasury Form TD F 90-22.1, must be filed with the U.S. Treasury if there is a financial interest in, signature or other authority over, any foreign financial accounts where the aggregate value of such accounts exceeded $10,000 at any time during the calendar year.
The Amnesty Program requires amounts be paid as follows:
Back taxes on unreported income for the last six years;
Interest due on taxes owed for the last six years;
A 20 percent accuracy related or a 25 percent delinquency penalty on all unreported income for each tax year in issue; and
A 20 percent penalty on the total balance of all foreign bank accounts or assets for the past six based upon the highest aggregate value.
Failure to participate in the amnesty program could result in the IRS pursuing criminal tax evasion charges as well as fraud penalties (75 percent of the unpaid tax), or the statutory penalty for willful failure to file a FBAR that annually apply to undisclosed accounts and assets.
About Ramirez International Financial & Accounting Services, Inc.
Ramirez International, established in 1980, is a full-service CPA and consulting firm headquartered in Irvine, Calif. The company serves clients in more than 13 countries. For further information, please call Manuel Ramirez or Scott Crabtree at (949) 852-1600 or visit the firm’s website at www.ramirezintl.com.
