Our San Diego FBAR attorney helps foreign nationals comply with the IRS and fulfill offshore financial disclosures. The penalties for US taxpayers including resident foreign nationals are quite high. Ignorance of the law is no excuse before the IRS, so the international tax attorneys at Allen Barron help US taxpayers and resident foreign nationals to come into FBAR compliance.
The penalties for non-compliance are 50% of the highest accumulated balance of your offshore accounts or $100,000 whichever is higher for each year in the “look-back period.” This ranges from six to eight years (and in cases of non-filing even longer). In addition, US taxpayers who are found to have unreported offshore accounts, assets, investments and income face criminal tax evasion charges and the genuine likelihood of jail time in a federal prison. This can be avoided by submitting a voluntary disclosure to the IRS through one of two programs:
FATCA has brought a significant and historic change to the inter-relationship between the IRS and foreign banks and sovereign tax authorities. Offshore banks, investment houses, and even tax agencies provide information to the IRS about US residents and foreign nationals who have accounts, assets or income. There is no longer a safe place to hide, and the data exchange between the IRS and these foreign financial entities is quite complex. It’s not a question of IF they will find out about your activities and accounts, it’s WHEN.
We invite you to contact us for a free and substantive FBAR consultation at 866-631-3470. Learn about the issues associated with offshore reporting requirements and how our San Diego FBAR attorney helps foreign nationals comply with the IRS. We will help to prepare amended tax returns and FBARS, and ensure that you are come into full compliance with the IRS. This will reduce or eliminate your risk of an IRS audit, as well as the draconian penalties and potential for criminal tax evasion prosecution.