Understanding Your US Filing Obligations For Foreign Bank Accounts

NEW YORK, NY / ACCESSWIRE / January 21, 2021 / In recent years, the IRS has taken an aggressive approach to unreported accounts and income. U.S. citizens, Green Card Holders and other US persons (i.e., certain Visa holders that have been present in the USA for 183 days) are required to file taxes in the United States each year on their worldwide income. If the individual holds more than $10,000 in their aggregated foreign financial accounts (including, but not limited to, bank accounts, insurance policies with cash balances, pensions, brokerage accounts, etc.) they are also required to file an FBAR (FinCen Form 114 - Foreign Bank Account Report). The failure to comply with these obligations could result in significant civil fines and penalties. If it is determined by the IRS that the failure to file these forms was willful, these individuals could also be subject to criminal prosecution and severe criminal fines.

According to Jeffrey S. Freeman, J.D., LL.M, an international tax attorney and founder of Freeman Tax Law, a boutique law firm specializing in resolving civil and criminal tax controversies, "The majority of our clients are not people who intentionally set out to disregard their U.S. tax and informational compliance obligations. They are simply people who were unaware they needed to report foreign financial accounts and their foreign-sourced income on a U.S. tax return."

"There are options for resolving this problem and getting back into compliance without paying significant fines or risking going to prison.", according to Mr. Freeman. He routinely advises his clients, "Resolving this problem through the IRS' Streamlined Offshore Procedures provides non-compliant clients with a relatively "painless" way out of this situation. We recommend our clients take advantage of this opportunity while it is still available."

 

Freeman Tax Law, specializes in helping taxpayers navigate complex civil and criminal tax controversies. The firm's in-depth understanding of international tax law and U.S. tax compliance is leveraged to produce the best possible outcome for their clients. The firm's multidisciplinary team of attorneys, Enrolled Agents, CPAs, and former IRS Agents provides clients with the expertise they need to properly make a voluntary disclosure of their foreign financial assets to the IRS.

According to Freeman, "we generally assist our clients with the entire disclosure process including the preparation of amended or delinquent tax returns and filing of the FBARs, and representing our client through the voluntary disclosure process before the IRS. At no time will our client need to be in direct contact with the IRS, we will handle all communication and negotiation on their behalf."

"For our clients, the realization that they have been non-compliant in their tax filing obligations can be overwhelming. There is a lot involved in fixing this problem and you need the right firm to help you do it.", according to Freeman.

For most , the streamlined procedure is usually the best option and although a voluntary disclosure will not guarantee immunity from prosecution, it greatly decreases the chances and mitigates the risk of being audited.

For individuals who have recently become aware of their non-compliance, Freeman Tax Law can help navigate the decision process and provide a road map to avoid severe civil penalties or criminal prosecution. To learn more about Freeman Tax law, read more about the options available, or schedule a consultation, visit https://freemantaxlaw.com/ or call the firm at +1-248-203-9100. Mr. Freeman has also written a book on this topic entitled, Know Your Rights - Offshore Bank Account Disclosure eBook that you can download at no charge.

Contact Name: Jeffrey S. Freeman, JD, LL.M.
Business Name: Freeman Tax Law
Phone Number: +1-248-203-9100
Website Link: https://freemantaxlaw.com/
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SOURCE: Freeman Tax Law



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