The Foreign Bank Account Report or FBAR is due June 30, and we are advising US expatriates, and all those with foreign accounts or assets to carefully consider the information they are about to disclose. On July 1, the IRS will gain access to information on many of your offshore accounts, investments, corporate holdings and property, and they will be in a position to create their own assessments of the present value of these accounts and assets. They will also be able to go back up to 8 years to evaluate and assess information that was either unreported, under-reported or mistakenly omitted for any reason. It stands to reason that the first thing the IRS will do is compare their own data with the information you provide on this year’s FBAR. Discrepancies will lead the IRS down a trail that could cost taxpayers huge sums of money for back taxes, fines, penalties, and interest. As an experienced tax attorney I am uniquely positioned to advise our clients from several financial and tax perspectives while extending the protections of attorney-client privilege. We invite you to contact us for a free initial consultation at 858-304-0947.
