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It?s Never Too Late to Go Back and Correct Past FBARs

It?s never too late to go back and correct past FBARs and file amended returns with the IRS.? This isn’t always the best strategy, but it should definitely be considered – especially when there are concerns with “willful” conduct on the part of the US taxpayer to hide money or assets offshore.? Coming into compliance reduces the penalties a taxpayer will face, and then we are in position to consider 2021 – the returns we are in the process of filing.

Coming into compliance with IRS FBAR regulations isn’t an option.? Recent developments around the world have forever changed the flow of banking, investment and real estate information into the IRS.? The IRS has already received detailed information providing insight into your offshore activities, accounts, balances and transactions.? All of this information is directly associated to your social security number or taxpayer ID.? It is never too late to go back and correct past FBARs to minimize your risk and tax exposures and perhaps avoid an IRS audit.

While the IRS has been relatively quiet for the past year, especially during COVID-19, there have been several substantial expenditures by the US Government in response to the pandemic.? The government is sure to be seeking additional sources of income (read: taxes) to offset the investments they have made and are about to make in the American economy.

The first and most likely candidate to turn to is the IRS.? It’s only a matter of time before the knock on the door from the IRS inviting?offshore investors?into what will be a truly expensive, and potentially criminal conversation.

It is not in your best interest to communicate with the IRS directly.?It is also never too late to go back and correct past FBARs. If you are concerned with the status of prior year FBARs, the absence of FBAR filing or how to come into compliance we invite you to contact us immediately or call today for a free consultation at 866-631-3470.

We will discuss the protections of attorney-client privilege and all of the options that are available for you based upon your unique situation.? Compliance with the IRS on FBAR and FATCA isn’t an option…it is simply a matter of time.