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FBAR LawyerForeign Bank Account Reporting: FAQ

FBAR is an acronym for Foreign Bank Account Report — a mandatory annual filing for almost every individual or business with overseas material assets worth over $10,000.

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FBAR lawyers can help

Procrastination doesn't pay; the sooner you square away your FBAR obligations, the less stress you'll have. Let us help. Get in touch; the consultation is free.

Extensive FBAR Experience

Gordon Law Group is one of the few firms with extensive FBAR experience; we've seen and solved countless related matters. If you've failed to report foreign holdings on past tax disclosures accurately -- or it's your first time filing taxes with overseas holdings, we're here to make sure things go smoothly. Our team has successfully helped hundreds of people in the same positions -- and still better, the process is typically a lot less painful than imagined.

Ask An FBAR Lawyer

Who is required to file an FBAR?

Anybody with $10,000 or more in foreign holdings -- bank accounts, business transactions, investment dividends, etc. — must file an annual FBAR.

Must I pay taxes on foreign earnings, even if I'm living overseas?

Yes. The United States government taxes all citizens on all earnings, even if it comes from other parts of the world — whether it be from foreign properties or online business income or an international asset, you must report it to the IRS.

How much tax must I pay on foreign gains?

Factors matter. Contact an FBAR lawyer who can guide you through the process and determine the best possible route for your specific situation.

What is the penalty for not submitting an annual FBAR filing?

Failing to file FBAR can result in fines up to $250,000, five years in federal prison, or both. If you deliberately fail to comply, you're also subject to a $100,000 fine or 50% of the account balance. In some instances, failing to file can also result in deportation.

Are there any opportunities for FBAR amnesty?

In some instances, yes, the IRS is willing to negotiate settlements. It's best to work with an FBAR lawyer to improve your chances of securing amnesty agreements.

What is the difference between a noisy and quiet disclosure method?

There are two different types of disclosure methods - "noisy" and "quiet." Submitting a noisy voluntary disclosure can thwart criminal prosecution. But if the IRS decides not to prosecute, it will likely conduct a thorough investigation.

For various reasons, some people opt for the "quiet voluntary disclosure" route. Though it may appear so at first glance, in many cases this isn't the wisest option because officials tend to treat these types of respondents more harshly should issues arise.

Can I file my overseas financial disclosure on my own, without the assistance of an FBAR lawyer?

Every citizen can file their taxes and FBAR disclosures without help, but consider: Would an experienced attorney, who knows all the minutia of how the process works, serve your interests much better and possibly save you money in the long run? And remember, failing to file -- or even filing erroneously -- can land you in criminal trouble.

Can the IRS figure out if you're avoiding FBAR filings?

Yes, it can. In fact, the agency also can track you down nearly anywhere in the world by using John Doe subpoenas and strategic resources.

What are the consequences for not filing FBAR disclosures?

The consequences of not filing an annual FBAR disclosure can be seismic and costly. To ensure the best possible outcome, consider working with an experienced FBAR lawyer.

We Negotiate With The IRS

If you don't know if you need to file, or what you need to disclose, our tax team is here to help. If you are facing an audit or the IRS has already targeted you for not filing an FBAR, we can take the reins, handle the negotiations, and guide you safely to the other side of your tax dilemma.

Our attorneys have a great deal of tax litigation and criminal tax law experience and can advise you on everything associated with making a voluntary disclosure and filing an FBAR.

If an IRS auditor contacts you, having people with extensive experience on your side is invaluable, because they can work with IRS investigators, and their tax law knowledge can shift the odds in your favor.

We know exactly what you should say in response to an IRS investigator's questions, so get in touch today to begin the conversation. The consultation is free, and could ultimately save you money, time, and considerable hassles.

If you're not familiar with the regulations, contact an FBAR lawyer who can walk you through the process and craft a plan to make amends for delinquent reporting requirements.