Offshore Bank Accounts – File & Settle – IRS Federal Tax Representation – Attorneys, Lawyers, Former IRS – Experts,
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We are a professional tax firm specializing in IRS tax matters including Offshore Bank Accounts, Filing, Amending, Penalty Abatement, Representation and FBAR and Expatriate Tax Representation.
We have over 60 years of directly working for the Internal Revenue Service as Agents, Managers and Instructors. We have over 205 years of tax firm tax experience.
As Former IRS agents we taught Tax Law and know all of settlement and closing policies of the Internal Revenue Service.
We can completely settle and negotiate your case no matter what the IRS tax issue.
Things you should know
1. You Must Report Worldwide Income.
You must report your worldwide income on your U.S. income tax return. You must check “yes” (on Schedule B) if you have an interest in a foreign bank or financial account.
Worldwide income includes interest, foreign earnings, wages, dividends and other income. even if the foreign income is taxed somewhere else.
You can be entitled to a foreign tax credit(s) if you are living and working abroad, you may be entitled to an exclusion from U.S. tax for some or all of the income you earn abroad.
2. Tax Return Reporting
All U.S. persons with foreign bank accounts must also file annually a Treasury Department Form, TD F 90-22.1 Report of Foreign Bank and Financial Accounts–commonly called an FBAR.
3. New Form. Now with your tax return, you may also need to file an IRS Form 8938 to report your foreign accounts and assets. See IRS Form 8938 Or FBAR? and More On IRS Form 8938 vs. FBAR.
4. FBAR Penalties. The penalty for failing to file an FBAR is $10,000 for each non-willful violation. If willful, the penalty is the greater of $100,000 or 50 percent of the amount in the account for each violation. For each year you did not file is are separate violation penalties.
5. Prison. IRS Tax Evasion can carry a prison term of up to five years and a fine of up to $250,000.
a.Filing a false return can mean up to three years in prison and a fine of up to $250,000.
b.Failing to file a tax return can mean a one year prison term and a fine of up to $100,000.
c.Failing to file FBARs can be criminal too with financial penalties up to $500,000 and prison for up to 10 years.
6. Voluntary Disclosure. If you admit that you did not file to the IRS you decide to come forward you can make a voluntary disclosure.IRS will have you pay the back taxes and penalties and you can move forward worry free.
7. Quiet Disclosures. Another option is to make a quiet disclosure which means you simply file or amend your tax returns without any contact with the IRS. Without question you should contact a tax attorney or tax lawyer to walk you through this process.
Common asked question
How can I verify that my FBAR Report was actually filed and received?
Ninety days (90) after the date of filing, the tax filer can request verification that the FBAR was received. An FBAR filing verification request may be made by calling 866-270-0733 and selecting option 1.
Up to five documents may be verified over the phone. There is no fee for this verification.
Alternatively, an FBAR filing verification request may be made in writing and must include the filer’s name, taxpayer identification number and the filing period.
There is a $5 fee for verifying five or fewer FBARs and a $1 fee for each additional FBAR. A copy of the filed FBAR can be obtained at a cost of $0.15 per page. Check or money order should be made payable to the United States Treasury.
The request and payment should be mailed to:
IRS Enterprise Computing Center/Detroit
ATTN: Verification
P.O. Box 32063
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Offshore Bank Accounts – File & Settle – IRS Federal Tax Representation – Attorneys, Lawyers, Former IRS – FBAR Experts
