You must ensure that your finances are correctly reported if you have foreign bank accounts. One way to do this is by filing the Foreign Bank and Financial Accounts Report, or FBAR. Although the filing process can be simple at first glance, mistakes can sometimes be made. Mistakes like failing to file your FBAR when required or neglecting other income from offshore accounts may lead to serious penalties if not reported correctly.
The penalties for not filing include conviction, fines, and a possible jail sentence. It’s vitally essential that FBAR filings are correctly completed and on time. That, unfortunately, doesn’t happen very often, at least not in this economic climate. However, if it’s a choice of going to jail or paying huge fines over an improperly filed FBAR, why would anyone choose it? Fortunately, there are resources available to help you avoid these problems in the first place.
There are other times when you may need an FBAR Lawyer – especially when dealing with IRS audits and criminal investigations. You can always turn to your local FBAR Attorney for those situations and many others.
When the IRS comes after you, they want the maximum tax amount they can get – and they don’t care how they get it. They know the easiest way to collect from you is to go after your assets. Maybe that means selling off your home or your business or whatever. They will also go after any other assets of value that you have, such as cash and deposits in foreign bank accounts. If that’s not enough for them, then maybe it’s time for an FBAR Attorney to intervene.
But before the IRS or anyone else starts digging into your financial life for those offshore account activities, an FBAR Attorney can help you keep them out of the loop! It is possible if you know what to say and what not to say.
fbar attorneys know what to do when you get an IRS audit notice. This is a letter that the IRS sends out before they make a final assessment of your tax forms. That’s the last thing you want to let happen. If the IRS goes through with its threat, then your FBAR problems can turn a whole lot worse! The IRS auditor might forward your case to criminal investigators, and they will come after you with both guns blazing! That’s why it makes sense to have someone in your corner who knows how to handle these situations.