It’s Not Just A Civil Matter
The federal Bank Secrecy Act was meant to combat money laundering. In recent years, compliance with the act has come to include mandatory yearly reporting of some foreign bank accounts and investment accounts held by green card holders and U.S. citizens investing abroad and U.S. citizens living abroad. The Report of Foreign Bank and Financial Accounts (FBAR) must be provided to the Internal Revenue Service (IRS) by some U.S. expatriates who may not be fully aware of their responsibilities.
The scary part of FBAR regulations is that they threaten criminal punishment, not just civil penalties, for the non-compliant. You should consult an experienced tax lawyer if you believe you may have trouble related to FBAR compliance and offshore account and asset reporting. Working with an attorney provides the benefit of attorney-client privilege with regard to confidentiality; working with an accountant who is not an attorney does not.
Learn More About Additions To The IRS Voluntary Disclosure Initiative
In June 2014 the IRS announced streamlined domestic offshore procedures, a new alternative as part of its offshore voluntary disclosure initiative (OVDP). In 2014 the streamlined procedures became available for minor oversights and non-willful behavior. The IRS has developed reporting exchange agreements with tens of thousands of offshore banks and financial institutions around the globe, including most Swiss banks and institutions in the Cayman Islands that used to be safe havens for American taxpayers. The IRS has a list of institutions that it has identified as tax evasion assistants for US taxpayers, and the mandatory penalty for these institutions is 50% under the OVDP.
Get Answers To Difficult Questions About International Tax
At Janathan L. Allen, APC, we advise and represent clients in the U.S. and abroad in complicated tax matters related to foreign accounts and FBAR. Our experience includes:
- Representation of American expatriates living and working in Europe, as well as American investors
- Reporting of FBAR and timely filing of complex tax returns
- Negotiation with the IRS on behalf of our clients
- Exploration of FBAR amnesty programs
Janathan L. Allen, APC and Allen Barron, Inc. based in the San Diego, California, area, serve clients located in the United States, Europe and Asia. We offer exceptional international tax knowledge and exceptional service.
Contact us to discuss your international tax and business concerns, or call 866-631-3470 for a free and substantive consultation. Learn about the legal protections available through Allen Barron’s tax attorneys that cannot be provided through a CPA, accountant, tax preparer, bookkeeper or other financial professional.
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