FBAR Delinquency: Jail Sentence For Swiss Account “Tax Dodger”

Feb 26, 2018

FBAR delinquency lawyer This year, The IRS and SEC are on the lookout for FBAR delinquency cases. If you have overseas accounts or assets totaling more than US $10,000, connect with an FBAR lawyer. Failing to file now could evolve into a massive legal hassle later.

Authorities Recently Threw A Man In Jail Over FBAR Delinquency

Some people walk a fine legal line by hiding foreign financial holdings.

It’s not wise.

Take, for example, this recent case out of Connecticut. The Department of Justice slapped a “sophisticated business executive who ran family businesses with operations in the United States and internationally” (whom we’ll call “Tim”) for FBAR violations.

Originally from Korea, Tim had been living in New England for years but stashed $28 million of inheritance money in offshore accounts. Ostensibly a fan of conspicuous jewelry and lavish homes, according to authorities, Tim “conspired with a host of foreign enablers to conceal his assets and income in Swiss accounts held in his name, the name of a relative, and in the names of sham corporate entities.” Authorities also accused Tim of structuring “financial transactions in a manner that allowed him to utilize [offshore] funds in the United States while concealing his ownership and control.”

Well, the law caught up with Tim, and now he has to spend six months behind bars and pay a $14 million penalty.

Do You Have Foreign Holdings That Exceed $10,000?

People with foreign assets equaling or exceeding $10,000 should find an FBAR tax lawyer pronto. This year, the U.S. Department of Justice seems keen to uncover undeclared offshore holdings — including cryptocurrencies. So, if you’ve neglected your Foreign Bank Account — or have been lax with previous years’ calculations — it’s time to square things away. We can handle it for you and prepare a position that keeps dollars in your pocket.

Contact An FBAR Lawyer Who Can Help You Overcome Any FBAR Requirement Woes

The Gordon Law Group has years of FBAR experience. We know all the ins-and-outs of foreign disclosures; moreover, we’re skilled at crafting money-saving, tailor-made tax positions. If you have previously unreported international holdings, don’t worry. Our FBAR tax law team has successfully negotiated favorable settlements for people in myriad situations that, at first, seemed dire.

But don’t wait. The time is now to clear up any tax matters — including FBAR requirements.

Let’s start the conversation by exploring your options. Get in touch today!

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