For parties with foreign holdings, reporting them is an essential part of the tax disclosure process. Having foreign accounts is fine, so long as you report their value annually.Get In Touch »
It's exceptionally rare to be thrown in jail for not previously disclosing overseas assets. That said, it's possible. Bottom line: the IRS does not take kindly to evasion. Voluntary disclosure can seem scary and long, but it's a much better option than hiding the account. Choosing this option allows you to come clean, possibly save on taxes and fees, as well as avoid criminal prosecution.
During the voluntary disclosure process, the IRS will ask questions about your overseas accounts. Primarily, the agency will examine two main things:
The IRS Voluntary Disclosure Program (VDP) gives taxpayers a chance to avoid criminal tax charges by submitting their late or corrected tax returns and agreeing to pay the penalties.Read »
The FBAR penalty—whether you fail to file or file inaccurately—can be serious, including hefty fines or even jail time. It depends on your situation, but even accidental violations can lead to harsh punishments.Read »
Everything you need to know about FBAR Filing Requirements: Who needs to file, what types of accounts qualify, & what to do if you haven't filed FBARs.Read »
EU representatives sent a letter to the United States urging a new plan for people caught in a cross-border tax web. Will the US listen and comply?Read »
Anyone with overseas accounts must file an annual FBAR report. Click through to read about a taxpayer who failed to do so and got sued for over a million.Read »
Here's the story of a doctor from Florida who failed to file FBAR reports. Now she could be out millions. We discuss the case and implications.Read »
Dealing with an overseas account can be challenging. Consider hiring a tax professional to help with the process. Whether the IRS has found your overseas account or you're ready to do a voluntary disclosure, a tax professional can help with FBAR requirements and get things in order for you. With all of the changes the IRS requires with FBAR filing, it is easy to get lost in the shuffle. Give us a call at (847) 580-1279 — the sooner we get started, that's one less headache you'll have to worry about.