FBAR Help – Singapore, Virgin Islands, Cayman Islands, Cook Islands – FBAR Experts 1-866-700-1040
If you are having FBAR issues and need help from a professional tax firm contact us today for free initial consultation because the IRS is on the warpath to combat offshore tax evasion. See release below.
With the federal government collecting over 5 1/2 billion dollars from the first three years of Fbar they have no plans of stopping and the government is launching a full-scale attack on all those taxpayers who are not coming forward and declaring their income.
For every one dollar that IRS spends on FBAR it collects six. This is a true revenue and moneymaker for the Internal Revenue Service and you do not want to be caught up in the middle of this Fbar machine because simply put prison time will be an option.
We are comprised of tax attorneys, tax lawyers, certified public accountants and former IRS agents and managers who have over 206 years of professional tax experience and over 60 years of working directly for the Internal Revenue Service in the local, district, and regional tax office of the Internal Revenue Service.
Contact us today for free initial tax consultation and see how we can make this a seamless and easy process for you to get back into the system.
What is an FBAR?
An FBAR is a Report of Foreign Bank and Financial Accounts. The form number is TD F 90-22.1 (PDF).
Who must file an FBAR?
Any United States person who has a financial interest in or signature authority or other authority over any financial account in a foreign country, if the aggregate value of these accounts exceeds $10,000 at any time during the calendar year.
Latest IRS Release to Combat Offshore Tax Evasion
The tax administrations from the United States, Australia and the United Kingdom announced a plan to share tax information involving a multitude of trusts and companies holding assets on behalf of residents in jurisdictions throughout the world.
The three nations have each acquired a substantial amount of data revealing extensive use of such entities organized in a number of jurisdictions including Singapore, the British Virgin Islands, Cayman Islands and the Cook Islands. The data contains both the identities of the individual owners of these entities, as well as the advisors who assisted in establishing the entity structure.
The IRS, Australian Tax Office and HM Revenue & Customs have been working together to analyze this data and have uncovered information that may be relevant to tax administrations of other jurisdictions. Thus, they have developed a plan for sharing the data, as well as their preliminary analysis, if requested by those other tax administrations.
“This is part of a wider effort by the IRS and other tax administrations to pursue international tax evasion,” said IRS Acting Commissioner Steven T. Miller. “Our cooperative work with the United Kingdom and Australia reflects a bigger goal of leaving no safe haven for people trying to illegally evade taxes.”
There is nothing illegal about holding assets through offshore entities; however, such offshore arrangements are often used to avoid or evade tax liabilities on income represented by the principal or on the income generated by the underlying assets. In addition, advisors may be subject to civil penalties or criminal prosecution for promoting such arrangements as a means to avoid or evade tax liability or circumvent information reporting requirements.
It is expected that this multilateral cooperation and coordinated effort will allow many countries to efficiently process this information and effectively enforce any laws that may have been broken. Increasingly, tax administrations are working together in this way to assist one another in identifying non-compliance with the tax laws.
U.S. taxpayers holding assets through offshore entities are encouraged to review their tax obligations with respect to these holdings, seek professional advice if necessary, and to participate in the IRS Offshore Voluntary Disclosure Program where appropriate.
Failure to do so may result in significant penalties and possibly criminal prosecution.
FBAR Help – Singapore, Virgin Islands, Cayman Islands, Cook Islands – FBAR Experts, Attorneys, CPA’s, Former IRS
