What makes US expats a new IRS target for FBAR violations and undisclosed offshore assets? The IRS is instituting a new whistle-blower campaign for those who might help US expats and other US taxpayer clients. Allen Barron provides attorney-client protections for those who are working on the disclosure of foreign bank accounts, investments and assets as well as US expats who seek to come into compliance with IRS FBAR reporting.
US expats and other US taxpayers who have not reported for fully disclosed offshore bank accounts, financial accounts or investments are still able to come into compliance through the Offshore Voluntary Disclosure Program (OVDP) or the Streamlined Domestic (or Foreign) Offshore Procedures. Once the IRS has identified you as a target through an inquiry letter or an IRS audit it is too late.
One group who should be particularly concerned includes those who applied through the OVDP but withdrew before they were accepted by the IRS. The IRS has established an internal targeting program to review these taxpayers to see if they are fully compliant with offshore reporting requirements and tax payments. If you withdrew from the OVDP and have not subsequently worked with a firm like Allen Barron to clean up your reporting and amend prior years’ tax returns you can expect an immediate contact from the IRS. These taxpayers will not only be exposed to draconian penalties of $100,000 per incidence or 50% of the accumulated balance of all offshore accounts at the high point of every year, they will likely also face criminal prosecution for tax evasion.
There are substantial questions surrounding Superannuation – a consistent payment to a fund by an employee toward a future pension or the payments made by these funds to a retiree.
Allen Barron is uniquely positioned to assist and protect US Expats. What makes US expats a new IRS target for FBAR violations and subsequent audits? The high likelihood of undisclosed offshore bank accounts, investment accounts, investments and assets. We invite you to contact Allen Barron or call 866-631-3470 for a free consultation to learn more about your unique circumstances and how we can work together to reduce your financial and potentially criminal exposure.
