US Citizens living in Singapore – FBAR, Expatriate – Tax Representation – Civil & Criminal – Attorneys, Lawyers, Former IRS

by Fresh Start Tax | Sep 30, 2012 | Back Taxes, Expatriate Tax, FBAR, Tax Lawyer, Tax Returns

If you are a US citizen living in Singapore or the surrounding region and have issues regarding FBAR or Expatiate questions, call us today so we can help with any tax issue or potential tax problems you may have. 1-866-700-1040.

We can relieve your worry today. We are FBAR and Expatiate Tax Experts and have over 206 years of total tax experience and we have over 60 combined years with the IRS in the local, district and regional offices of the IRS.

FBAR filing requirement

For those of you have have a FBAR requirement, that is you are required to file FBAR because you had a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, the Bank Secrecy Act you may require you to report the account yearly to the Internal Revenue Service by filing Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), call us today to find out if this requirement applies to you.

What are the terms of the 2011 Offshore Voluntary Disclosure Initiative?

Under the terms of the 2011 Offshore Voluntary Disclosure Initiative, taxpayers must:

1. The taxpayer must provide copies of previously filed original (and, if applicable, previously filed amended) federal income tax returns for tax years covered by the voluntary disclosure;

2. The taxpayer must provide complete and accurate amended federal income tax returns (for individuals, Form 1040X, or original Form 1040 if delinquent) for all tax years covered by the voluntary disclosure, with applicable schedules detailing the amount and type of previously unreported income from the account or entity (e.g., Schedule B for interest and dividends, Schedule D for capital gains and losses, Schedule E for income from partnerships, S corporations, estates or trusts).

3. The taxpayers must file complete and accurate original or amended offshore-related information returns (see FAQ 29 for certain dissolved entities) and Form TD F 90-22.1 (Report of Foreign Bank and Financial Accounts, commonly known as an “FBAR”) for calendar years 2003 through 2010;

4.Cooperate in the voluntary disclosure process, including providing information on offshore financial accounts, institutions and facilitators, and signing agreements to extend the period of time for assessing tax and penalties;

5. The taxpayer must pay 20% accuracy-related penalties under IRC § 6662(a) on the full amount of your underpayments of tax for all years;

6. The taxpayers must pay failure to file penalties under IRC § 6651(a)(1), if applicable;

7. The taxpayers must pay failure to pay penalties under IRC § 6651(a)(2), if applicable;

8. The taxpayer must pay, in lieu of all other penalties that may apply, including FBAR and offshore-related information return penalties, a miscellaneous Title 26 offshore penalty, equal to 25% (or in limited cases 12.5% (see FAQ 53) or 5% (see FAQ 52)) of the highest aggregate balance in foreign bank accounts/entities or value of foreign assets during the period covered by the voluntary disclosure;

9. The taxpayers must submit full payment of all tax, interest, accuracy-related penalty, and, if applicable, the failure to file and failure to pay penalties with the required submissions set forth by code.

10. The taxpayer must execute a Closing Agreement on Final Determination Covering Specific Matters, Form 906.

You also have another option that you want to hear and know more about.

You have the ability to make a quiet  disclosure by filing amended tax returns without notifying IRS. Call us today to find out more and speak directly to a Tax Attorney or Tax Lawyer. 1-866-700-1040. This is called a quiet disclosure.