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Do not be worried or fearful of the IRS. Hire the right Tax Firm and free yourself up from worry or undue stress.
You need to pull the trigger and take care of these matters before any IRS contact.
The IRS began an open-ended offshore voluntary disclosure program (OVDP) in January 2012 on the heels of strong interest in the 2011 and 2009 programs.
The IRS is offering people with undisclosed income from offshore accounts another opportunity to get current with their tax returns. The 2012 OVDP has a higher penalty rate than the previous program but offers clear benefits to encourage taxpayers to disclose foreign accounts now rather than risk detection by the IRS and possible criminal prosecution.
If you file your FBAR form before IRS contacts you, will have no worries. IRS wants voluntary disclosure.
Amending a Filed FBAR
The following instructions may be given to anyone who needs to file an amended FBAR. To amend a previously filed FBAR:
Write “Amended” at the top of a new form. I recommend writing it in read to draw attention to the reviewer. Make sure the writing is not blending in to the form. Make it clear and obvious.
Add/correct the information about the account.
Staple it to a copy of the original form.
Mail the amended FBAR to the filing address shown on the form
Department of the Treasury
Post Office Box 32621, Detroit, MI 48232-0621.
Need FBAR Filing Verification
Filed FBARs are entered onto the Detroit Computing Center’s Currency and Banking Retrieval System (CBRS) database.
Filing can be checked by IRS personnel with CBRS passwords.
Filers can request verification of the FBARs that they filed 60 days after the date of filing. A request for verification of FBAR filing must be made in writing and should include the filer’s name, Taxpayer Identification Number, and filing period.
There is a $5.00 fee for verifying five or fewer forms and a $1.00 fee for each additional form. If copies are needed, the additional fee is $0.15 per copy.
Checks or money orders should be made payable to the United States Treasury. The payment should be mailed to:
IRS Detroit Computing Center,
P.O. Box 32063, Detroit, MI 48232 Attn.: Verification
