When you need an experienced FBAR attorney, choose Gordon Law Group. We have the experience necessary to help you with complex FBAR matters. We represent clients who inadvertently failed to file their FBAR reports on time, those who have discovered that previous filings included errors, as well as those facing IRS audits, investigations, litigations, and more. Although we are located in Illinois, Gordon Law Group’s FBAR services are available nationally and to U.S. citizens living abroad.
Americans with certain offshore financial assets must file Foreign Bank Account Reports (FBAR) annually. This reporting requirement applies to U.S. citizens, residents, corporations, partnerships, LLCs, trusts, and estates. While the FBAR rules seem fairly straightforward at first glance, they can be nuanced and complex. Certain foreign assets are exempt from the reporting requirement and certain exceptions apply for assets you own jointly with a spouse or those reported on a consolidated FBAR. The IRS enforces this filing requirement, imposing significant penalties for noncompliance.
If you need a foreign tax lawyer to help you remain compliant or resolve an issue, call Gordon Law Group today!
FBAR Reporting Requirements
The Bank Secrecy Act gave the Department of Treasury authority to establish recordkeeping and filing requirements for U.S. persons who have financial interests or accounts in in foreign countries.
The law requires filing a Report of Foreign Bank and Financial Accounts (FBAR), otherwise known as FinCEN Form 114, if the foreign accounts total more than $10,000 at any time during the year. The form is intended to help prevent Americans from hiding money offshore to avoid taxes.
The FBAR must be filed each year. The default deadline to file an FBAR is April 15, but if you miss the deadline, an automatic extension grants you until October 15 to file. The form includes, but is not limited to, any interest a U.S. person has in:
- Offshore bank accounts
- Offshore mutual funds
- Offshore hedge funds
- Offshore variable universal life insurance policies
- Offshore variable annuities a/k/a Swiss Annuities
- Debit card and prepaid credit card offshore accounts
There are civil and criminal penalties for FBAR noncompliance, and they are stiffer than the penalties for delinquent taxes. You can be penalized for failing to file a required FBAR; omitting a required account; or filing an inaccurate FBAR. If the IRS believes you did so by accident, you may be fined up to $10,000/year for each year you failed to file. For willful violations, you may be fined $100,000 or half of the value of your highest account, whichever is higher.
The willful, or intentional, failure to file an FBAR may also be considered a felony; the Department of Justice can pursue this criminal count in addition to the above, which is punishable up to 5 years in prison, a fine of up to $250,000, or both.
If you’re worried about FBAR penalties, contact our FBAR attorney team today! We can help you avoid the worst-case scenario and rest easy again. In certain cases, you may be able to resolve your offshore reporting with greatly reduced penalties or even no penalties at all!
How an FBAR Lawyer Can Help
We can assist with IRS tax problems, get you in compliance with your FBAR filing obligations, and minimize the chance of any criminal investigation or imposition of civil penalties. In these types of cases, it is beneficial to retain a tax attorney who offers attorney-client privilege, rather than simply hiring a CPA.
The team at Gordon Law Group includes tax attorneys with extensive experience in offshore tax matters. We guarantee you’ll work with a skilled FBAR attorney at every stage of your case, beginning with the first confidential phone call. Not only will we work hard for your most favorable resolution, but we’ll be here to answer every question you have along the way so you can rest easy.
About the FBAR Tax Attorney Team at Gordon Law Group
Gordon Law Group is an aggressive tax firm whose practice focuses on tax disputes with the IRS and state governmental tax agencies. This includes FBAR and other foreign disclosure matters. An initial telephone call to an FBAR tax attorney will answer your most compelling questions.
If you need an FBAR attorney in Chicago, Gordon Law Group can help. Contact us to schedule a confidential tax attorney consultation!
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