Do you own – or have interest in – foreign financial accounts? At any point in the past year, did the balance exceed $10,000? If so, you must file a Foreign Bank Account Report (FBAR). This form alerts the Financial Crimes Enforcement Network (FinCEN) and the U.S. Treasury Department to the accounts.
If you’re having tax problems
Tag: IRS offshore disclosures
Do you hold overseas banking accounts? Do your foreign accounts exceed $10,000? Have you failed to disclose foreign holdings to the IRS? If you answered “yes” to any of these questions, you should seek the advice of a tax attorney to help you navigate the Report of Foreign Bank and Financial Accounts (FBAR) laws. Otherwise,… Read more »
Disclosing your unreported offshore accounts can give you peace of mind because you no longer have to worry about massive penalties or IRS criminal investigation. There are several reasons to act quickly and take advantage of the current IRS offshore disclosure options. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Key Insights We Will Discuss: How you can limit your tax penalties… Read more »
A failure to file FBARs and Form 8938 can result in numerous civil tax penalties. Criminal penalties are also a possibility, which could result in jail time.