US taxpayers have received stern warnings from the IRS recently regarding FBAR compliance and disclosure of all offshore bank accounts, income, investments, assets and real property. Recently, many foreign banks are sending letters directly to their US taxpayer customers warning them that information is to be shared with the IRS and they should come into compliance immediately with the IRS.
The day has arrived, and the IRS has warned all taxpayers: The IRS is actively exchanging detailed account and transaction information with foreign banks, investment houses and sovereign tax agencies. The flow of information about you, your accounts and balances, and every transaction you conduct in Swiss accounts, the Caribbean, and hundreds of other countries around the world is no longer a secret. The IRS is receiving a direct feed from your bank.
And if your bank or financial partner is listed on the IRS Foreign Bank and Entity list, you will be forced to pay a mandatory 50% OVDP penalty on the highest aggregate balance each year for a look-back of 8 years. The risks are simply too high. Avoid criminal exposure to tax evasion, reduce your exposure for penalties and interest and come into compliance with FATCA, the IRS and FBAR reporting.
We invite you to contact the seasoned and experienced tax attorneys at Allen Barron for a free and substantial consultation at 866-631-3470. You can disclose all information necessary without fear, because it is protected by the attorney-client privilege. We can have an open and candid conversation, apply our tax, legal and accounting expertise and develop a set of options that help you to achieve the best possible outcome in your case.
