The Offshore Voluntary Disclosure Program allows people who previously failed to declare overseas assets to do so without fear of civil or criminal penalties. Every U.S. citizen and resident with a cumulative $10,000 or more in foreign assets must disclose this fact to U.S. authorities annually. If you haven’t been complying with the financial reporting requirements, get in touch with us today!
You have signatory authority for an overseas work account worth more than $10,000. That means you must file FBAR paperwork with the federal government.
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The Internal Revenue Service requires individuals and businesses to disclose foreign asset holdings yearly. Are you compliant?
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Hiding assets from the Internal Revenue Service is never, ever a good idea. But if it happens, there are ways to come clean without incurring criminal penalties.
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If you have money or material holdings in a foreign country, the IRS wants to know about it. And if you don't tell, the consequences can be catastrophic.
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Parties with overseas bank accounts and financial holdings can't just brush it under the proverbial carpet and hope the IRS doesn't notice.
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Tax problems happen. And when they do, the penalties can be severe. Jump through for a quick overview of tax penalties and possible solutions.
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Anyone with more than $10,000 in overseas assets must comply with Foreign Bank and Financial Accounts Reporting (FBAR) regulations.
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Do you have more than $10,000 in overseas financial holdings? If so, the U.S. government requires you to report their value and standing annually.
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The Supreme Court of Illinois does not recognize certifications of specialties in the practice of law and the certificate, award or recognition is not a requirement to practice law in Illinois. The information on this website is for general purposes only and should not be interpreted to indicate a certain result will occur in your specific legal situation. The information on this website is not legal advice and does not create an attorney- client relationship
