Each year the IRS puts out a set of guidelines as to the compliance programs it sets out for FBAR.
As the word of FBAR Reporting hits the streets, IRS will not be so generous with its positions in dealing with offshore and overseas financial and tax issues especially FBAR Reporting.
The IRS has just been budgeted $500 Million to up grade tax compliance and because of the success of FBAR. The IRS will be assigning many new agents ( training has already started ) for the FBAR Program.
FBAR Reporting accounted for an additional $5 billion in revenue into the feds rich bank account over the past 3 years.With a potential goldmine out there, the IRS knows where to hunt. The fear of criminal prosecution gives shark like teeth to this FBAR Reporting Program to the IRS.
If you are looking for true tax professionals to help you through this problem whether it be civil or criminal, call us today to find out more about your situation. 1-866-700-1040.
True FBAR amnesty means amnesty from is from criminal prosecution thru voluntary disclosure.
You do not get a pass on fines or filing, basically you will avoid prison time. For those of you trying to hedge your bet that you will not get caught think again, many banks and financial institution are actually helping the IRS in fear of retaliation from the US government.
Find the IRS before they find you.
Quite Disclosures
Some taxpayers have made quite disclosures by filing amended returns, 1040x.
The question begs to be asked, will the IRS audit these taxpayers?
If so, will they be eligible for the 25 percent offshore penalty?
Is the IRS really going to prosecute someone who filed an amended return and correctly reported all their income?
Answers to these questions:
The IRS is reviewing amended returns and could select any amended return for examination. The IRS has identified, and will continue to identify, amended tax returns reporting increases in income. The IRS will closely review these returns to determine whether enforcement action is appropriate. If a return is selected for examination, the 25 percent offshore penalty would not be available.
When criminal behavior is evident and the disclosure does not meet the requirements of a voluntary disclosure under IRM 9.5.11.9, the IRS may recommend criminal prosecution to the Department of Justice.Willfulness and Intent are the true key factors to determine criminal elements.
Noteworthy Facts:
World Wide Income must be reported on your U.S. tax return if you are US resident.
IRS definition of US resident includes any one who stays here for more then 183 days and are filing 1040 Return. These does include H1, L1, Green Card holders, Citizen, Dual citizens.
If you have an interest in a foreign bank or financial account you must check “yes” (on Schedule B). This is true even if you live outside the U.S. or pay foreign taxes on your foreign income.
FBAR Reporting.
All U.S. persons with foreign bank accounts exceeding $10,000 at any time during the year must file an FBAR by each June 30. These includes following kinds of assets including but not limited to:
a. Bank Account
b. Stocks/Demat Accounts
c. Mutual Fund
d. Life Insurance Policy
e. Join Accounts with Parents, Siblings or any one.
f. Rental Property Value or any other income producing Asset.
Call us today for a free consultation with a FBAR Tax experts.1-866-700-1040
FBAR Amnesty, FBAR Representation, Civil, Criminal Help, STOP the WORRY TODAY
We are comprised of Tax Attorneys, Tax Lawyers and Former IRS Agents.
