It is not unlawful to have foreign bank accounts. However, U.S. taxpayers must disclose the existence of such accounts, and report any income derived from them to the Internal Revenue Service. The IRS has made cracking down on offshore tax evasion a top enforcement priority. A Voluntary Disclosure provides U.S. taxpayers with previously undisclosed offshore accounts a way to avoid the harshest penalties and potential criminal prosecution.
In order for you to avoid significant fines, penalties and even possible criminal charges for tax evasion or tax fraud, is important to get the help of a qualified tax law attorney. Our firm has helped clients adjust previous or current tax information in order to avoid possible investigation by the IRS for criminal tax activities.
The Voluntary Disclosure practice of our law firm has helped dozens of clients take advantage various disclosure options (including the OVDP, SDOP/SFOP, Delinquent FBAR Submission Procedure, and other alternatives). If an investigation into your income and tax history has already been initiated by the IRS, you may not qualify for this program. If, however, you decide to be forthcoming and choose to disclose unreported income and pay the accompanying tax liability for it, you may avoid civil penalties and criminal tax charges. In order to be accepted by the IRS, there are strict conditions and procedures. Using a qualified experienced tax attorney may greatly increase your chances of avoiding large penalties for amounts.
Check out our Blog for the latest developments regarding voluntary disclosure of offshore accounts.
We are an experienced foreign asset planning law firm serving clients worldwide.
We assist clients in all types of foreign asset planning matters including:
- Foreign Asset Tax Planning
- Offshore Tax Planning
- Voluntary Disclosure Planning
- Voluntary Disclosure Planning Offshore Voluntary Disclosure Program (OVDP)
- Streamlined Filing Compliance Procedures (SFCP)
- Streamline Domestic Offshore Procedure (SDOP)
- Streamline Foreign Offshore Procedure (SFOP)
- Delinquent FBAR Submission Procedure (DFSP)
- FATCA disclosure defense
- Recalcitrant foreign account matters
- Penalty Minimization planning
- Penalty Abatement requests
- Installment Agreement Representation
- Non-Filer Representation
- Foreign Estate and Gift Tax Planning
- Foreign Estate Planning
- Foreign Trust Drafting and Planning