We are comprised of Tax Attorneys, CPA’s and Former IRS Agents who are FBAR Experts.
We have a world wide tax practice offering help to any person(s) having issues, questions or problems with the Filing and Reporting of FBAR.
The Offshore Voluntary Disclosure Program allows taxpayers to come forward and pony up for any monies not reported to the IRS.
The taxpayer is required to pay all tax plus penalties and interest and in turn many times the IRS will forgo criminal prosecution which is the main leverage that the IRS holds over the heads of taxpayers. Prison time is the hammer that drives this program. So much so that the IRS posts a list on the irs.gov website of all FBAR prosecutions.
The IRS is very serious of about this FBAR reporting and filing due to the sheer volume of funds it brings in to the US stream of revenue.
The IRS collected just north of $5 billion as a result of the first three years of filing and reporting due to the blow up of UBS.
As a result, IRS is beefing up their tax treaties and for both banks and financial institution. As a result these financial institutions are starting to share their information with the IRS and the US government. In many cases this sharing is due to the fact that they fear government reprisal from the US.
FBAR is here to stay.
It is best to get an opinion of a Tax Attorney or Tax Lawyer if you need to file and report. Different options exists on how to report and become come compliant with US tax law to avoid both criminal problems and civil problems. In many cases Fresh Start Tax LLC can minimize penalties and interest.
Most of the FBAR filers and reporters have very little to worry about. If you live in the Philippines or the surrounding areas call us today to find out more. 1-866-700-1040.
One of the common question we are asked.
What are some of the criminal charges I might face if I don’t come in under voluntary disclosure and the IRS examines me?
Possible criminal charges related to tax returns include tax evasion (26 U.S.C. § 7201), filing a false return (26 U.S.C. § 7206(1)) and failure to file an income tax return (26 U.S.C. § 7203). Willfully failing to file an FBAR and willfully filing a false FBAR are both violations that are subject to criminal penalties under 31 U.S.C. § 5322.
A person convicted of tax evasion is subject to a prison term of up to five years and a fine of up to $250,000.
Filing a false return subjects a person to a prison term of up to three years and a fine of up to $250,000.
A person who fails to file a tax return is subject to a prison term of up to one year and a fine of up to $100,000.
Failing to file an FBAR subjects a person to a prison term of up to ten years and criminal penalties of up to $500,000.
The OVDP
U.S. Taxpayer assets can be repatriated legally through a new program commonly known as the 2012 OVDP (offshore voluntary disclosure program), the penalty framework requires individuals to pay a penalty of 27.5 percent of the highest aggregate balance in foreign bank accounts,entities or value of foreign assets during the eight full tax years prior to the disclosure.
That is up from 25 percent in the 2011 program.
Some taxpayers will be eligible for 5 or 12.5 percent penalties; these remain the same in the new program as in 2011.
Still others may be better off “opting out” of the program because their violations are not willful.
Check with us today to hear the truth about FBAR and stop the worry.
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