The IRS pays close attention to Foreign Bank Account Reporting compliance. If you have $10,000+ in a foreign bank account or investment, you must file an FBAR (Report of Foreign Bank and Financial Accounts). In late 2013, the Form 114 FBAR replaced the form TD F 90-22.1. FBARs are due by June 30th and the penalty for not filing can be steep. Contact us to help you get into compliance before penalties are assessed.
Taxpayers who have unreported foreign income or bank accounts may be eligible for the IRS Offshore Voluntary Disclosure Program (OVDP). In order to comply with OVDP amnesty terms, you must:
Beginning on July 1, 2014, foreign financial institutions are required to follow the terms of the Foreign Account Tax Compliance Act (FATCA). FATCA requires these institutions to provide U.S. account-holder information to the U.S. government with the purpose of ensuring taxpayers have been reporting earnings in foreign bank accounts. This information will including taxpayer names, addresses, and largest account balance of the year. If you have a foreign bank account, you should contact a tax lawyer immediately to find out how FATCA may affect you.
We have extensive experience handling a wide range of offshore tax issues, including:
Our firm has extensive experience assisting those facing complex local and international tax issues. If you need help from a professional, contact us today.