Allen Barron provides extensive tax expertise and assistance with FBAR preparation and filing to ensure compliance with all IRS requirements. If you have offshore bank accounts, investments, assets or own or control a portion of a foreign corporation you must be in full compliance with the IRS or face a high risk for an IRS audit.
Thousands of financial institutions, investment houses and sovereign tax authorities worldwide are providing information to the IRS directly about US taxpayers, their accounts, balances on hand, and transactional details. The days of sheltering income and assets offshore are long gone. The penalties for failing to report offshore accounts and assets are staggering.
Allen Barron can extend the protections of the attorney-client privilege as we discuss your FBAR preparation and filing to ensure compliance. We will help you to evaluate all options to determine your best alternative for bringing previously unreported assets and accounts into compliance.
The IRS meticulously reviews all source information to identify accounts held by US taxpayers which have not been properly reported, disclosed and taxed on past FBARs. The IRS continues to develop more sophisticated methods to identify, track and pursue US taxpayers who attempt to evade paying taxes.
The failure to ensure proper FBAR preparation and filing to ensure compliance can result in a mandatory 50% penalty of all account balances over $10,000, per account, per year.
Offshore investments, bank accounts, foreign trusts, foreign corporate ownership and even real property ownership are serious matters to the IRS. Proper resolution of your offshore financial reporting and compliance can literally save you tens of thousands to millions of dollars. The IRS is aggressively pursuing offshore account and asset holders. We invite you to learn more about the integrated tax, legal, accounting and business consulting services of Allen Barron and contact us or call today to schedule a free consultation at 866-631-3470.