How do I know when I need to report my foreign financial accounts?IRS VOLUNTARY DISCLOSURE FAQ
Posted in on November 3, 2014
IRS Offshore Voluntary Disclosure Lawyer
Foreign Bank Account Reporting (FBAR IRS)
What's an FBAR?
The FBAR is the form that all U.S. taxpayers are required to file if they have interests in off shore bank accounts. Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts, a.k.a. the FBAR, must be filed by U.S. taxpayers who own foreign bank accounts. An FBAR must also be filed by taxpayers who do not own a foreign bank account, but who have an indirect interest in a foreign account, such as persons with signatory authority over a foreign account. These taxpayers must file an FBAR even if they have no personal interest in the funds in the account. Often this is the case for taxpayers who manage their elderly parents' affairs or who are employees of companies with offshore interests.
The IRS takes the FBAR requirement very seriously. Failure to file a required FBAR can result in severe financial penalties and even prosecution for a felony. Anyone with an interest in an offshore account who has not been filing FBARs is at risk for civil penalties and criminal prosecution.
How can Thorn Law Group assist you with your reporting requirements?
The IRS is still accepting Voluntary Disclosures and Offshore Accounts Cases!
By entering the 2012 IRS Offshore Voluntary Disclosure Initiative:
- You will come into full compliance with the law;
- Your civil penalties will be reduced, and if your IRS disclosure is accepted;
- You will avoid criminal investigation or prosecution.
U.S. taxpayers with undisclosed foreign accounts and/or unfiled offshore disclosure forms should contact an IRS offshore voluntary disclosure initiative attorney from Thorn Law Group for assistance in understanding your filing obligations and assessing whether the 2012 IRS Offshore Voluntary Disclosure Initiative is right for you.
Let the experienced tax attorneys at Thorn Law Group assist with your IRS voluntary disclosure case and with issues related to your undisclosed foreign and offshore bank accounts. Thorn Law Group has the national and international tax law experience and is well positioned in Washington, DC, to represent your case before the IRS and DOJ.
This is an area of ongoing activity by the IRS and the Department of Justice. Visit our News & Resources section for the latest developments.
If you have any questions please contact IRS voluntary disclosure lawyer Kevin E. Thorn, Managing Partner of the Thorn Law Group at firstname.lastname@example.org or call (202) 349-4033 to assess your civil and/or criminal exposure.