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April

Offshore Banking/FBAR

Do you have offshore bank accounts and business interests that have not been disclosed to the IRS? Are you facing civil penalties for non-compliance for failure to file a Report of Foreign Bank and Financial Accounts commonly known as an FBAR?

Under the Disclosure Offshore Foreign Banking program (OVDP), enacted in 2012, TaxAttorneyNow.com has helped clients who fear retribution from the IRS save thousands on penalties and avoid prosecution by coming forward ahead of a probe or investigation. This program brings taxpayers that have used undisclosed foreign accounts and undisclosed foreign entities to avoid or evade tax into compliance with United States tax laws by coming forward.

Rules for coming forward with an unreported offshore bank account are very clear: only an attorney can represent you! As this program is relatively new, and incredibly complex, it requires a deep understanding of the process to yield strong results and protect the taxpayer. With a strong defense, those with unreported foreign bank accounts can:

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Those wishing to comply may do so at anytime there is no deadline. However, the IRS could decide to end the three-year-old program entirely at any point, so it is important to act now and bring closure to the process. Applying also requires that you have elected an Attorney to represent you. Hiring a Tax Attorney helps avoid further probing, penalties and prosecution by the IRS. Our partners have helped bring clients in the OVDP back to compliance in order to meet all provisions and settle their tax liability.

FATCA Foreign Account Tax Compliance Act

The objective of FATCA is the reporting of foreign financial assets; withholding is the cost of not reporting. U.S. individual taxpayers must report information about certain foreign financial accounts and offshore assets on Form 8938 and attach it to their income tax return, if the total asset value exceeds the appropriate reporting threshold. To avoid being withheld upon, a foreign financial institution may register with the IRS, obtain a Global Intermediary Identification Number (GIIN) and report certain information on U.S. accounts to the IRS.

OVDP Attorneys

Our tax partners and attorneys begin the declaration of offshore banking by collecting previous federal income tax returns covered by the OVDP disclosure. They will then amend these returns and report additional income, including the absent or amended FBAR. This immediately suspends liabilities and Title 26 penalties until the process is complete. This time allows your team to reach a settlement with the IRS. Good faith arrangements are then made with the IRS to pay in full any remaining tax, interest, and penalties before reaching a closing agreement.

OVDI Attorneys

As with the 2009 OVDP and 2011 OVDI, the 2012 OVDP brings taxpayers with undisclosed foreign accounts who have evaded tax liabilities in the past to come in compliance with United States tax laws. This program was offered as an incentive for those hoping to reduce their limited civil and financial penalties. It has also proved to be a great way to raise revenue for the IRS. According to the IRS, the 2012 OVDP has a higher penalty rate than the previous program but offers clear benefits to encourage taxpayers to disclose foreign accounts now rather than risk detection by the IRS and possible criminal prosecution.

A penalty for failing to disclosing financial offshore transfers, gifts, trusts, interests, returns file the FBAR can be as high as the greater of $100,000 or 50 percent of the total balance of the foreign account per violation.

Get Defended By An Attorney

Offshore and foreign banking issues are becoming more and more complex as the IRS ramps up their efforts to collect this unreported income. By hiring a seasoned tax attorney with experience in these matters you better leverage your rights for a fair and just outcome, while avoiding criminal charges and sky-high penalties.