Why you need to File FBAR Form – Tax Attorneys, Help with FBAR Experts 1-866-700-1040
Within the last three years the federal government is on a mission to make sure all taxpayers file all required FBARs and related amended tax returns if applicable.
The government is putting much of their resources into the hunting down taxpayers that have not filed FBAR and the reason is simple, the feds have collected $5 billion in the last three years from those coming forward and amending their tax returns as a result of a FBAR crackdown.
Leverage that the federal government using, you get your vacation time in club Fed.
You also will be reading in the media the arrests and prosecutions that are taking place to shake up and alert taxpayers to make sure they understand the consequences of not reporting and paying taxes on income sources.
This information is not being written to scare you but to make you aware that you can be walking into a hornets nest if the IRS contacts you before you contact them.
Should the IRS contact you before you make a voluntary disclosure you very well may be looking at a criminal situation that includes present time.
It is in your best interest to contact a tax attorney from our office and have a free consultation to discuss your matter.
Most of these situations are very simple and can be resolved very easily.
It is worth your time to hear what we have to say to you so you do not have to worry about the letter or the knock on the door from the Internal Revenue Service.
As a former IRS agent myself I want to impress upon you the fact that Fbar will never go away
The government is taking this very serious and is not worth it for taxpayers to roll the dice on this issue. Country by country is giving into the United States demands to go ahead and turn over the financial records from institution holding accounts belonging to taxpayers in the United States.
Remember it is your goal to contact the IRS before they contact you a you will never have to worry about any problem arising.
FBAR Reporting
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).
The FBAR is required because foreign financial institutions may not be subject to the same reporting requirements as domestic financial institutions. The FBAR is a tool to help the United States government identify persons who may be using foreign financial accounts to circumvent United States law.
Investigators use FBARs to help identify or trace funds used for illicit purposes or to identify unreported income maintained or generated abroad.
Recent FBAR news of Arrests
Two Phoenix businessmen have been convicted by a jury on federal tax charges for failure to disclose secret offshore bank accounts in Switzerland.
DOJ – The Justice Department and Internal Revenue Service announced April 12 that Stephen M. Kerr and Michael Quiel were charged with filing false income tax returns individually for 2007 and 2008.
Kerr also received two counts of failing to file a Report of Foreign Bank and Financial Accounts (FBAR).
Also involved was San Diego attorney Christopher M. Rusch who previously pleaded guilty to conspiracy to defraud the government and failing to file an FBAR on Feb. 6.
“This prosecution serves notice that the Department of Justice will not tolerate fraudulent activity designed to undermine the integrity of our income tax system,” said U.S. Attorney for the District of Arizona John S. Leonardo.
According to trial evidence, Kerr, Quiel, Rusch and others established nominee foreign entities and corresponding bank accounts at UBS AG and Pictet & Cie to conceal their ownership and control of stock and income that were deposited into the accounts.
Rusch admitted and testified at trial that he and others caused the sale of the shares of stock through undeclared accounts.
Rusch’s responsibility was to facilitate the domestic sale of 11.4 million shares of stock held in the name of a foreign entity controlled by Kerr.
In order to conceal that the money was income to Kerr, Rusch would transfer the proceeds from the sale of stock to an undeclared foreign account at UBS AG.
Approximately $2 million was transferred by Rusch through his Interest on Lawyer’s Trust Account (IOLTA) before dispersing the money for Kerr and Quiel.
Thereafter Kerr purchased a golf course in Erie, Colo. Additionally, Quiel instructed Rusch to write checks payable to an Arizona bank account owned and controlled by Quiel after the transfer of approximately $955,000 from his undeclared foreign account to Rusch’s IOLTA account.
Reportedly Kerr and Quiel filed false tax returns with the IRS that did not report the proceeds of stock sales, interest and dividend income earned through the secret accounts. Their accountants testified that neither Kerr nor Quiel disclosed their offshore accounts during the preparation of their tax returns.
Individually Kerr also failed to file FBARs in 2007 and 2008 that reported his offshore accounts to the IRS.
“Many investigations are underway and focusing upon an ever wider circle of banks worldwide, their clients and others who would help the clients try to hide income and assets offshore,” said Assistant Attorney General for the Justice Department’s Tax Division Kathryn Keneally.
“The lesson of today’s guilty verdicts is that no hiding place will prove safe enough.”
Call us today for free initial consultation fee and never have to worry about any fear from the Internal Revenue Service.
Why you need to File FBAR Reports – Tax Attorneys, Help with FBAR Experts
