Foreign Bank Tax Issues Help – FBAR Filing
If you have money in a bank account located in a foreign country, you are required to disclose the account and its balance to the IRS every year by April 15 when you file your taxes. However, it is
important to note that if you do not file your FBAR by April 15, the IRS will automatically grant an extension to October 15. So in essence, your FBAR is not technically late until after October 15
With the complexity of the law, and the potential for significant penalties, you need to get the best FBAR lawyer to help manage any foreign tax issues. The experienced FBAR attorneys at Ayar Law can help.
The Best FBAR Lawyers Can Help You Seek Amnesty Immediately
Congress enacted the Foreign Account Tax Compliance Act (FATCA) in 2010 which forced foreign countries to require their banks to provide lists of all U.S. account holders when contacted by the
IRS. It took about five years for many foreign banks to institute systems that would allow them to completely adhere to these requirements, but now that this has been done, these banks can more
easily turn information about account holders living in the United States to the IRS.
Fortunately, an FBAR attorney can use one or more amnesty programs to significantly minimize penalties for clients who qualify. To take advantage of these amnesty programs, you must
formalize your FBAR filing and contact the IRS before the agency comes looking for you. The window of opportunity is quickly closing given the current laws regarding IRS foreign bank account
FBAR Penalties Can Be Significant
Taxpayers who fail to report foreign bank accounts to the IRS can face steep penalties and severe felony tax evasion charges. Some of our clients have reported penalties that far exceed their own
account balances, which puts Metro Detroit residents in a challenging position. The penalty can be as much as $100,000 per year or 50 percent of the highest account balance for every year.
There is the potential for these penalties to be eliminated or reduced, but the best way to create this opportunity is by working with an experienced and knowledgeable FBAR lawyer from Ayar Law
to ensure your FBAR tax is appropriately handled. Time is of the essence and transparent communication with the IRS is critical.
When You Need an FBAR Tax Attorney
The IRS will want to ensure that you as a taxpayer have acted willfully. There are ways to do this successfully, simply by showing you checked the box on Schedule B of your tax return indicating
that income is not being generated by a foreign account, but an FBAR tax attorney can confirm any other requirements you may need to follow.
Our FBAR lawyers may be able to help you to abate or avoid penalties, but you will not know unless you connect with us. There are so many reasons that it is important to speak with a qualified FBAR tax attorney to develop the right plan for you, and to do it as early as possible. FBAR Tax lawyers at Ayar Law can help you to navigate the confusing and high-risk waters of OVDI and ensure your FBAR filing is properly handled. Do not waste time. Make the call now.