There a a lot of myths surrounding Offshore Tax Issues – Tax Laws and with the proper guidance many of these issues and problems can immediately dissolve. Knowledge is power.

Combined with 205 years of professional tax experience and over 60 years with the IRS, working in the local, district  and regional offices, we can see you through any tax issue you may have regarding Offshore Banking or IRS Financial Issues.

We are IRS Tax Experts and a tax specialty firm.

We are staffed with Tax Attorneys, Lawyers, CPA’s and Former IRS Agents, Managers and Instructors. When employed at the IRS we taught Tax Law.

You can call us for a no cost consultations and we may be able to provide a easy solution for your situation.

You will speak directly with a tax professional.

The Offshore Program is a hot topic with the IRS. The IRS has recently collected over $4.4 Billion as a result of of first two Offshore Programs.

It is certainly not illegal to have overseas funds or income but a voluntary disclosure is necessary to avoid the harsh IRS tax penalties.

Depending on a taxpayer’s particular facts and circumstances, the following penalty could apply:

A penalty for failing to file the Form TD F 90-22.1 (Report of Foreign Bank and Financial Accounts, commonly known as an “FBAR”).

United States citizens, residents and certain other persons must annually report their direct or indirect financial interest in, or signature authority or other authority that is comparable to signature authority over, a financial account that is maintained with a financial institution located in a foreign country if, for any calendar year, the aggregate value of all foreign accounts exceeded $10,000 at any time during the year.

Usually, the civil penalty for willfully failing to file an FBAR can be as high as the greater of $100,000 or 50 percent of the total balance of the foreign account per violation.

There is a huge laundry list of  IRS Penalties. Call us for more details.

In many cases penalty abatement’s will be accepted by the IRS due to:

1. lack of knowledge,

2. bad advice,

3. ignorance,

4. depending on the advise of others.

Reasonable cause can exist to abate penalties and interest. See our home page, penalty abatement tab.

See 31 U.S.C. § 5321(a)(5). Non-willful violations that the IRS determines were not due to reasonable cause are subject to a $10,000 penalty per violation.

Offshore Tax Problems – Expert Tax Help – Tax Attorneys, Lawyers, Former IRS – Tax Representation