If you live in Singapore and you need to file a FBAR report call us to hear the truth about IRS and FBAR. 1-866-700-1040.
We are Worldwide IRS Tax Experts.
Stop the worry today. There are many false notions that exists about FBAR and after you speak to one of our tax attorneys or tax lawyers you will be relieved to hear the truth.
We will provide a game plan as well as an exit strategy for you.
We can file FBAR reports and settle and close your tax case.
We are made up of Tax Attorneys, Tax Lawyers, CPA’s and Former IRS agents.
The future of IRS and FBAR
The IRS CADE2 computer system is currently being upgraded with sophisticated software to track foreign taxpayers. With the recent help from Foreign Banks and Financial Institutions as a result of the breakthrough of UBS cases, the Internal Revenue Service has hired teams of Agents for find the money.
If you are current on all filing, you have absolutely nothing to worry about. The goal for all non filers is simple, find IRS before they find you and you avoid all problems.
Common questions.
There are some common questions that come up all the time in speaking to our clients. Since we are a International Firm we have a significant number of cases right now in Singapore.
These are some of our frequently asked questions.
How does a FBAR filer amend a previously filed FBAR so they will not have a problem with the IRS ?
FBAR filers can amend a previously filed FBAR by checking the amended box in the upper right-hand corner of the first page of the form.
Then you can
1. Making the needed additions or corrections;
2. Stapling it to a copy of the original FBAR; and
3. Attaching a statement explaining the additions or corrections.
What happens if an account holder is required to file an FBAR and fails to do so?
Failure to file an FBAR when required to do so may potentially result in civil penalties, criminal penalties or both. If you learn you were required to file FBARs for earlier years, you should file the delinquent FBAR reports and attach a statement explaining why the reports are filed late. IRS will consider penalty abatement’s for reasonable cause.
No penalty will be asserted if the IRS determines that the late filings were due to reasonable cause.
Can cumulative FBAR penalties exceed the amount in a taxpayer’s foreign accounts?
Yes, under the penalty provisions found in 31 U.S.C. 5314(a)(5), it is possible to assert civil penalties for FBAR violations in amounts that exceed the balance in the foreign financial account.
How long should account holders retain records of the foreign bank accounts?
Records of accounts required to be reported on an FBAR must be retained for a period of five years. Failure to maintain required records may result in civil penalties, criminal penalties or both.
Call us today and stop the worry. 1-866-700-1040. SKYPE available.
