US Federal Tax Services - Voluntary Disclosure / FATCA
If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust or other type of foreign financial account, the Bank Secrecy Act may require you to report the account yearly to the Internal Revenue Service.
The purpose of the FBAR is foreign financial institutions may not be subject to the same reporting requirements as domestic financial institutions. The FBAR is a tool to help the United States government identify persons who may be using foreign financial accounts to circumvent United States law.
Investigators use FBARs to help identify or trace funds used for illicit purposes or to identify unreported income maintained or generated abroad. Oftentimes taxpayers do not realize their requirements for disclosing this information. If you are a taxpayer who has discovered your requirements and are interested in seeking legal advice regarding the process and approach, our team of lawyers and professionals can advise you and guide you through this process.
In an effort by the IRS to stop offshore tax evasion and ensure tax compliance or to help bring people back into the tax system, the IRS has beefed up enforcement, criminal prosecution and implementation of third-party reporting through the Foreign Account Tax Compliance Act (FATCA). CLICK HERE FOR MORE INFORMATION.
The IRS takes non-filing, tax fraud, identity theft and FBAR issues very seriously and can pursue criminal charges if it thinks it is appropriate. If you find yourself in the middle of a criminal tax investigation, it's wise to contact a tax attorney immediately. We are here to help guide and advise you with these serious matters. Our practical, ethical and professional approach will allow you to rest confidently in our representation of your legal tax matter.