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We have over 206 years of total IRS tax experience and over 60 years of direct IRS tax work experience in the local, district and regional offices of the IRS.
IRS has different amnesty programs and will announce them at different times when the top brass believe it is in the best interest of the government.
It is best to check with us on your individual situation to find out the different tax options open to you depending on the current climate of the IRS.
The last thing you want to experience is a criminal investigation from the IRS. Besides prison time, the fines and penalties will drain the very life out of you.
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Things you should know about FBAR.
1.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.
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2. What constitutes signature or other authority over an account?
A person has signature authority over an account if such person can control the disposition of money or other property in it by delivery of a document containing his or her signature (or his or her signature and that of one or more other persons) to the bank or other person with whom the account is maintained.
3. Who has authority over a Bank Account
Other authority exists in a person who can exercise power that is comparable to signature authority over an account by direct communication to the bank or other person with whom the account is maintained, either orally or by some other means.
What are some of the criminal charges I might face if I don’t come in under voluntary disclosure and the IRS finds me?
4. What are Criminal Charges that can be invoked by the IRS?
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).
The failure to file an FBAR and the filing of a false FBAR are both violations that are subject to criminal penalties under 31 U.S.C. § 5322.
Tax Evasion.
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.
False Tax Return.
Filing a false return subjects a person to a prison term of up to three years and a fine of up to $250,000.
Failure to File.
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.
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