Foreign Bank Account Reporting (FBAR)


Money or Other Assets in a Foreign Country that You Never Reported to the IRS?

What do you do if you have the money or other assets in a foreign country and you are worried that the IRS will find out about it? Stop the worry. Don’t hide out. Call Tax Defense Partners. TDP will help you figure out whether you need to file a Foreign Bank Account Report (FBAR form), and if you do, what to say on it. The FBAR instructions are not easy to figure out in every situation, and the report is filed separately, not with your tax return. Taking the initiative to make a FBAR filing with the IRS before the IRS comes after you will make a BIG difference in how much money you get to keep.

The IRS is cracking down aggressively on US citizens that keep money and assets overseas and do not report it for US tax purposes. They have signed agreements with countries and banks to find out which US citizens hold what accounts in banks and brokerage houses. That is how they are likely to find you even if you lay low.

The penalties are high for not reporting money and assets in foreign accounts: a minimum of $10,000 if you simply forgot to file; and if the IRS thinks you did not file on purpose, then the FBAR penalty is the greater of $100,000 or half of the value of the foreign account. The value of a foreign account is not just the cash in the account, but also the value of all of the non-cash assets in the account, like stocks, bonds, insurance policies and ownership interests in boats, planes and real estate.

Some taxpayers think that their foreign accounts are too small for the IRS to care about. The IRS will aggressively pursue any US citizen with a foreign account whose value, cash plus the fair market value of any other assets in the account, amount to $10,000 for even one day in the tax year.

Income tax trouble does not solve itself. With interest
and penalties it only gets worse – much worse.

If you call us, we will explain to you the nature of your tax problem and the strategies you can use to resolve it permanently so it no longer threatens your economic life.

You may decide to ask us to resolve your problem for you; to deal with the IRS so you don’t have to – but that will be your decision to make after you clearly understand what we will do to help you, how we will do it and how much it will cost.

Whether or not you hire us, we will still give you a free consultation to frame your tax problem and suggest methods for resolving it permanently. Any and all conversations we have with you are confidential, whether or not we end up working together.

You have nothing to lose. Give us a call to unload some of your worry. Call us for a free consultation.

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