The experienced international tax attorneys at Allen Barron will work with you to develop the most effective strategy to disclose offshore bank accounts, investments, assets and income to the IRS. My name is Janathan Allen, and many foreign nationals in the US become FBAR compliant with my assistance. They are unaware of their responsibilities to file US taxes and disclose all offshore accounts, assets and income. I often hear questions such as:
“If none of my friends or associates are doing it, why should I worry about it?”
“How will the IRS track me down personally?”
The law is quite clear about the responsibilities for US residents and the requirement to file US taxes. Offshore account, asset and income disclosure is required under US tax law, and the penalty for failure to fully, accurately and transparently disclose all offshore bank accounts, investments, assets, real estate and income is extremely harsh:
50% of the highest accumulated balance of all your accounts at their highest point, each year, for the past 6 to 8 years or $100,000 per incidence – whichever is higher.
If the IRS believes your behavior represented willful conduct (such as “no one else was doing it, why did I need to”) you will also face criminal charges for tax evasion and the real possibility of jail time.
The IRS is receiving information about every bank account, transaction and asset in more than 100 countries worldwide. This information is fed electronically directly to the IRS and includes account numbers, balance information, transactions and specific taxpayer identification information. It is only a matter of time before the IRS compares notes with foreign countries and sovereign tax authorities and links the information back to you personally. The IRS will then simply compare this data to the information you’ve reported on your IRS returns. If the information doesn’t match, you will face substantial legal and financial challenges.
The IRS requires that foreign nationals in the US become FBAR compliant or face the harsh penalties above. How will they identify you? Ask yourself this – “How does the bank identify you personally if you need to walk in and withdraw your money?” The same identification you have provided in the past and that they use to confirm your personal identity is the same information they are passing directly to the IRS.
The Call is Free and You will Benefit From Attorney-Client Privilege
If you are a foreign national living and working in the United States, and you have not made a full, accurate and transparent disclosure of all of your offshore bank and investment accounts, real estate, foreign corporate ownership, assets and income to the IRS we invite you to call 866-631-3470 for a free consultation. You should not have this conversation with a CPA, accountant, financial adviser or other tax preparation professional. The information you provide to them can and will be subpoenaed by the IRS and used against you. As an attorney, I can extend the protections of the “attorney-client privilege” – which provides complete protection of all of the information you provide to me as your tax attorney, as well as our communications including texts, emails and phone calls.
I will help foreign nationals in the US become FBAR compliant and meet offshore reporting requirements for the IRS. Contact us or call 866-631-3470 to evaluate your unique circumstances and determine if the Streamlined Foreign Offshore Procedures or the OVDP is the best option for you to become FBAR compliant with the IRS.