Whether you've recently learned about FBAR filing requirements or received a concerning notice from the IRS about foreign accounts, our experienced attorneys provide personalized solutions to resolve your international tax compliance issues.
Our team assists you in properly disclosing foreign bank accounts, brokerage accounts, mutual funds, and other financial accounts through the BSA E-Filing system. We ensure your reports meet all requirements of the Bank Secrecy Act and Financial Crimes Enforcement Network (FinCEN).
Missing the FBAR filing deadline doesn't mean you're out of options. Our attorneys help you submit late reports with appropriate statements explaining your situation. We develop strategic approaches to demonstrate reasonable cause for your late filing, which may reduce or eliminate penalties.
Facing FBAR penalties? We negotiate with the Internal Revenue Service to reduce or eliminate penalties based on your specific circumstances. Non-willful penalties can reach $10,000 per account per year, while willful violations can exceed $100,000 or 50% of the account balance. Our attorneys help clients facing both types of FBAR penalty assessments.
For taxpayers who need to disclose previously unreported foreign financial accounts, we guide you through voluntary disclosure options to achieve full compliance while minimizing potential penalties and avoiding criminal prosecution. Time is critical—the longer you wait, the more limited your options become.
When the IRS questions your foreign account reporting, our lawyers provide robust representation throughout the audit process, protecting your rights while working toward favorable resolutions.
Beyond FBAR, we handle all aspects of international tax compliance, including Form 8938 (FATCA) reporting, foreign income reporting, tax treaty applications, and foreign pension planning.
United States persons must file the Foreign Bank and Financial Accounts Report (FBAR) if they have financial interest in or signature authority over foreign financial accounts with an aggregate value exceeding $10,000 at any time during the calendar year.
Reportable foreign financial accounts include:
Failing to file required FBARs can result in severe consequences:
Non-Willful Violations: Up to $10,000 per account, per year. For taxpayers with multiple accounts over several years, penalties can quickly reach $50,000-$100,000 or more.
Willful Violations: The greater of $100,000 or 50% of the account balance per violation. The IRS can also pursue criminal charges with fines up to $250,000 and imprisonment up to 5 years.
These penalties apply per account and per year, meaning even modest foreign accounts can generate significant penalty exposure if left unreported.
Our tax attorneys have extensive experience resolving complex international tax matters for individuals and businesses throughout Michigan. Novi's diverse international community includes many residents with financial ties abroad—whether through family accounts, foreign pensions, business interests, or inherited assets.
Our experienced FBAR attorneys help clients:
Most clients never need to meet with the IRS personally. We handle all communications with tax authorities on your behalf while working toward a favorable resolution.
FBAR penalties accumulate quickly—$10,000 per account per year for non-willful violations, and $100,000 or more for willful violations. The IRS has made foreign account enforcement a priority, and each year of delayed filing adds to your potential penalty exposure.
Our Novi FBAR attorneys can help you understand your options and develop a compliance strategy that protects your interests. Call (248) 262-3400 for a confidential case review.
