At Allen Barron, we support many leading engineering, high-tech companies and other businesses who attract and employ foreign nationals based upon their unique education, expertise and skill sets. For many of these clients, it is a complete surprise that foreign nationals who are legally working in the US are still required to make a full and transparent disclosure of all offshore accounts, assets and income to the IRS using the FBAR. Unfortunately, the IRS does not consider “ignorance of the law” as an excuse for the failure to disclose offshore accounts, assets and income. The failure to do so exposes these foreign nationals to harsh penalties and even criminal prosecution. The IRS has provided the Offshore Voluntary Disclosure Program or OVDP and a streamlined option to allow US taxpayers to come into compliance. San Diego OVDP attorney Janathan Allen routinely advises these clients to help them come into compliance with IRS offshore reporting requirements, and prepare and file associated FBARs.
The FBAR is due on June 30, and there is little time remaining to organize information and contact our firm immediately to come into compliance with IRS FBAR reporting requirements. If you are a US taxpayer, regardless of your status as a citizen, H1-B visa or other residency and you have offshore bank accounts, investments, real property, or income you must fully disclose all information to the IRS using FBAR reporting. Allen Barron provides FBAR preparation and filing for individuals and business owners throughout the San Diego area and all of Southern California. We help you to understand the IRS’ definitions of “willful or non-willful” conduct in terms of reporting offshore income and accounts, and how this affects your decision to file under the OVDP or streamlined programs.
We invite you to contact a San Diego OVDP attorney who can help you to disclose offshore accounts, assets and income and come into FBAR compliance for a free consultation at 866-631-3470. Ask about the protections of the attorney-client privilege.