by Fresh Start Tax | Dec 15, 2012 | FBAR
Delinquent FBAR, Late Filing – Get rid of FBAR Penalties, Settlement
If you have a delinquent or late filing contact us today and we will be able to go over all the options to get you back in the system worry free.
There are several different options and depending on your particular case and history we will be able to work out settlement, filing and abatement options.
Each case is based on its own set of circumstance such as:
1. Amounts of money involved,
2. Filing history,
3. Number of amounts,
4. Movements of funds,
5. Intent and willfulness.
After a review of these question a plan is set in motion for you to get through this both worry and stress free.
Exceptions to the FBAR filing requirement?
Military Banking Facilities
Accounts in U.S. military banking facilities, operated by a United States financial institution to serve U.S. government installations abroad, are not considered as accounts in a foreign country.
For this reason, these accounts do not have to be reported on an FBAR.
Officer or Employees of a Bank
An officer or employee of a bank that is subject to the supervision of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Office of Thrift Supervision, or the Federal Deposit Insurance Corporation need not report that he has signature or other authority over a foreign bank, securities or other financial account maintained by the bank, if the officer or employee has no personal financial interest in the account.
An officer or employee of a domestic corporation whose equity securities are listed on a national securities exchange or which has assets exceeding $10 million and 500 or more shareholders of record, need not file a report concerning signature authority over a foreign financial account of the corporation, if he has no personal financial interest in the account and he has been advised, in writing, by the chief financial officer of the corporation that the corporation has filed a current report, which includes that account.
FBAR Penalties
The IRS code as it relates to FBAR Penalties – Its the Examiner Discretion
- The IRS tax examiner may determine that the facts and circumstances of a particular case do not justify asserting a penalty.
- There is tremendous discretion the examiner has on these case.
- If there was an FBAR violation but the examiner determines that a penalty is not appropriate, the examiner should issue the FBAR warning letter, Letter 3800.
- When a tax penalty is appropriate or justified , the IRS has established penalty mitigation guidelines to aid the examiner in applying penalties in a uniform manner.
- The IRS tax examiner may determine that a penalty under these guidelines is not appropriate or that a lesser penalty amount than the guidelines would otherwise provide is appropriate or that the penalty should be increased (up to the statutory maximum). The examiner must make such a determination with the written approval of the examiner’s manager and document the decision in the work papers.
- Factors to consider when applying examiner discretion may include, but are not limited to, the following:
- Whether tax compliance objectives would be achieved by issuance of a warning letter;
- Whether the person who committed the violation had been previously issued a warning letter or has been assessed the FBAR penalty;
- The nature of the violation and the amounts involved; and,
- The cooperation of the taxpayer during the examination.
- Given the magnitude of the maximum penalties permitted for each violation, the assertion of multiple penalties and the assertion of separate penalties for multiple violations with respect to a single FBAR form, should be considered only in the most egregious cases.
Call 1-866-700-1040 and speak directly to a tax professional.
Delinquent,Late FBAR Filing – Get rid of FBAR Penalties, Settlement
by Fresh Start Tax | Sep 27, 2012 | Expatriate Tax, FBAR, IRS Tax Problem, Tax Lawyer
Unfiled, Delinquent FBAR – Liechtenstein: A Sign of What’s to Come
Stop the worry today! We have handled many successful FBAR clients, including those with an unfiled or delinquent FBAR.
Call us today and we can explain to you how to get back in the system. do not let Unfiled or Delinquent FBARs stress you out. We can settle your case without worry.
There has been a natural fear built in the FBAR program and we can help relieve you of the fear and worry. We can file all back FBAR reports, file your amended 1040’s and work out a successful tax settlement.
Most of the time we will recommend “quiet settlements.”
We have over 205 years of professional tax experience and over 60 years of direct experience at the IRS in the local, district and regional offices of the Internal Revenue Service.
We taught Tax Law at the IRS and know all the tax polices and tax procedure to settle your case. 1-866-700-1040.
Liechtenstein
With the explosion of the UBS the domino’s started to fall and one of the questions everyone was asking was, ” would Liechtenstein fall ?”.
It did and now, taxpayers are scrambling.
Liechtenstein finally informed on their Bank Clients on the U.S. Tax Evasion Request
Liechtenstein has told American clients of the principality’s oldest bank that U.S. authorities have requested their account data as they widen a tax evasion and potential tax fraud probe.
Accounts at‘ Liechtensteinische Landesbank AG (LLB)” that contained at least $500,000 at any time since the beginning of 2004 are covered by the information request, according to a May 30 letter sent to a client by the principality’s tax authority.
Liechtenstein facilitated the so-called group request from the U.S. by amending a tax law in March.
Liechtenstein’s second-biggest bank, also known as LLB, is one of 11 financial firms, including Credit Suisse Group AG (CSGN) and Julius Baer Group Ltd. (BAER), being investigated as part of a U.S. probe of offshore tax evasion.
The Stakes
The stakes for Swiss banks were raised after the Department of Justice indicted Wegelin & Co. on Feb. 2 for allegedly helping customers hide money from the Internal Revenue Service. The IRS is taking a very aggressive approach to collect monies on FBAR and are funding huge amounts of revenue to go after the deep foreign taxpayers pockets of monies.
The Motivation.
“The motivation for the law is the Landesbank issue, which has accelerated the process,” said Mario Frick, a partner at Liechtenstein law firm Seeger, Frick & Partner. “For a certain period of time, it will be possible to make group requests to clean up the past and the issue of legacy assets.”
Landesbank, which had 48.1 billion Swiss francs ($50 billion) of assets under management at the end of 2011, confirmed it has received a group request via the Liechtenstein authorities, Cyrill Sele, a spokesman for the bank in Vaduz, said in an e-mailed response to questions.
Third Parties
“The ruling to extend the period of applicability back to the tax year 2001 in the administrative assistance law with the U.S. is limited to 12 months from the date it comes into force,” said Sele. It “is closely linked to the ongoing U.S. offshore voluntary disclosure program.”
Those affected by the U.S. request for information have the right to appeal, according to the letter.
In the Liechtenstein group request, U.S. authorities are also targeting lawyers, accountants, financial advisers, asset managers and those responsible for professional “asset protection,” who “conspired with a U.S. taxpayer to commit U.S. crimes or provided assistance,” according to the letter.
The sign of what is to come
“It’s a sign that the U.S. is not just focused on Switzerland, but on all offshore jurisdictions with Singapore, Dubai and Hong Kong very much on the radar screen,” said Milan Patel, a partner at Zurich-based law firm Anaford AG. “This request appears to be much more expansive than the agreement with Switzerland and aims to get information on third parties.”
UBS Precedent
Swiss banks are seeking a settlement with the U.S. as Liechtenstein’s larger Alpine neighbor, the world’s biggest center for offshore wealth, tries to shed its image as a haven for undeclared assets. That may involve negotiating separate deferred prosecution agreements with U.S. authorities.
UBS AG, the biggest Swiss bank, avoided prosecution in 2009 by paying $780 million, admitting it fostered tax evasion and giving the IRS data on more than 250 accounts. It later turned over data on another 4,450 accounts. Before the UBS deferred- prosecution deal, U.S. prosecutors said the bank managed $20 billion in undeclared assets for American clients.
Landesbank declined to comment on whether the handover of account data under the group request would allow the bank to enter a deferred prosecution agreement.
Christof Buri, a spokesman for larger Liechtenstein rival LGT Group, which had 86.9 billion francs of assets under management at the end of last year, said the bank only has tax- compliant U.S. clients. The bank, owned by Liechtenstein’s princely family, declined to comment further.
Unwinding Secrecy
Liechtenstein started to unwind secrecy after data stolen from LGT was used by Germany to prosecute tax evaders in 2008. Former Deutsche Post AG (DPW) Chief Executive Officer Klaus Zumwinkel was convicted of tax evasion and received a two-year suspended prison sentence plus a penalty of 1 million euros ($1.25 million).
Under pressure from the U.S., Germany and France, Liechtenstein said in March 2009 that it would conform with tax standards set out by the Organization for Economic Cooperation and Development to avoid being blacklisted as a tax haven.
Markus Amman, a spokesman for the Liechtenstein government, and Katja Gey, who helped negotiate a tax deal for the principality with the U.K., didn’t answer calls to their mobile phones.
“It’s only a question of time, say three to five years, when this type of group request will become standard for future business,” said lawyer Frick. “Liechtenstein is a small country that has had a reputation for not cooperating in the field of tax and that’s something that has to change. We have to find new areas of business.
”Contribution made by Bloomberg/ Dylan Griffiths in Geneva. thank you.
The Bottom Line. Unfiled, Delinquent FBAR
Taxpayers with worries should contact our office today for a no cost consult. We can inform you of the possibility of making a quiet disclosure. 1-866-700-1040.
Speak to a Expert FBAR Tax Attorney, Tax Lawyer, CPA or Former IRS Agents.
Unfiled, Delinquent FBAR – Liechtenstein: A Sign of What’s to Come
by Fresh Start Tax | Sep 4, 2012 | Back Taxes, FBAR, Tax Lawyer, Tax Returns
FBAR Filing – Late, Past Due, Unfiled – File & Settle 1-866-700-1040
Do you have a late, past due or unfiled FBAR report you need to file?
Call us today and we can get you back in the system worry free. We can file your back, past due or late FBAR and settle your case with the IRS. 1-866-700-1040.
We are comprised of Tax Attorneys, CPA’s and Former IRS Agents. We know the IRS system inside and out. We have over 60 years of direct IRS work experience in the local, district and regional offices of the IRS. We also taught Tax Law at the IRS.
Late, Past Due, Unfiled FBAR Reports
If you have a late, past due, or unfiled FBAR reports the key is to contact the IRS before they contact you.
As a general rule IRS will not enforce criminal penalties if you contact them before they contact you. The key is letting IRS know you will be filing your tax returns. At this point it only becomes a civil matter.
As a general rule, we contact IRS by filing a power of attorney so you will never speak to the IRS. We handle all the negotiations and settle the case so you pay the lowest amount allowed by law including the abatement of penalties and interest if your case warrants.
Who needs to file FBAR
A person or individual who holds a foreign financial account may have a reporting obligation even though the account produces no taxable income.
How to file
Checking the appropriate block on FBAR- related federal tax return or information return questions (for example, on Schedule B of Form 1040, the “Other Information” section of Form 1041, Schedule B of Form 1065, and Schedule N of Form 1120) and filing the FBAR, satisfies the account holder’s reporting obligation.
FBAR is not filed with,
The FBAR is not filed with the filer’s federal income tax return. The granting, by the IRS, of an extension to file federal income tax returns does not extend the due date for filing an FBAR.
Due Date for FBAR
You may not request an extension for filing the FBAR. The FBAR is an annual report and must be received by the Department of the Treasury in Detroit, MI, at one of the two addresses below, on or before June 30th of the year following the calendar year being reported.
File by mailing the FBAR to:
United States Department of the Treasury
P.O. Box 32621
Detroit, MI 48232-0621
If an express delivery service is required for a timely filed FBAR, address the parcel to:
IRS Enterprise Computing Center
ATTN: CTR Operations Mail room, 4th Floor
985 Michigan Avenue
Detroit, MI 48226
Call us today for a no cost consultation and speak directly to a Tax Attorney or Former IRS agent 1-866-700-1040.
