We are a World Wide Tax Firm specializing in FBAR, Offshore and Overseas IRS tax issues, tax resolution and IRS negotiation.
We have a number of current clients in China and are familiar with the tax issues and concerns of those U.S. citizens living in China and the surrounding areas.
The long hand of the US Government including the IRS is reaching into the pockets of those taxpayers world wide including those living in China required to pay taxes on foreign earnings.
Over the past 3 years the IRS has collected over $5 billion dollars from 33,000 taxpayers who have come forward to report earnings from overseas accounts.
The IRS knows this is just the tip of the iceberg and with the hiring many new Revenue Agents, the IRS will be on the hunt for more tax dollars, and yes be sure, IRS can always hold over the heads of taxpayers the fear of a criminal tribunal and prison sentences.
Most taxpayers will have little to fear, but for those who have civil and or criminal problems we are here to help file and report.
We can help answer any questions you may have regarding any civil or potential criminal tax matters of issues.
Who is required to File and Report – FBAR
If you have 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 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 for any questions. 1-866-700-1040.
The FBAR is required because foreign banks as well as financial institutions may not be subject to the same reporting requirements as domestic financial institutions. you must check with each country and institution.
The FBAR is a tool to help the Internal Revenue Service and the United States government identify persons who may be using foreign financial accounts or financial institutions to evade United States Law.
Tax Investigators such as IRS Revenue Agents and Criminal Investigators use FBARs to help identify or trace funds used for illicit purposes such as concealment, terrorism, drug dealings etc to identify unreported income maintained or generated abroad.
Why should taxpayers make a voluntary disclosure.
Taxpayers with undisclosed foreign accounts in financial institutions or entities should make a voluntary disclosure because it is the law and that enables them to become compliant, avoid substantial civil penalties and generally eliminate the risk of criminal prosecution which is tremendous leverage..
Making a” voluntary disclosure” to the US Government also provides the opportunity to calculate, with a reasonable degree of certainty, the total cost of resolving all offshore tax issues including penalties and interest.
Taxpayers who do not submit a voluntary disclosure ( VD ) run the risk of detection by the IRS and the imposition of substantial penalties, including the fraud penalty and foreign information return penalties, and an increased risk of criminal prosecution.
The IRS remains actively engaged in rooting out the identities of those with undisclosed foreign accounts. Moreover, increasingly this information is available to the IRS under tax treaties, through submissions by whistle blowers, and will become more available as the Foreign Account Tax Compliance Act (FATCA) and Foreign Financial Asset Reporting very become effective.
Each taxpayers situation is unique different. There are no two cases the same. You should seek professional representation in dealing with these issues. Call us today and speak to us under attorney-client privileged. We are affordable, friendly and trustworthy
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