IRVINE, Calif., Nov. 5, 2020 /PRNewswire/ — Holding investments in offshore income generating assets, businesses or investments can quickly become a problem for U.S. taxpayers. Aside from the obligation to file an accurate and complete tax return each year which includes reporting any taxable offshore income, taxpayers often have offshore information reporting requirements including a form called Report of Foreign Bank & Financial Accounts (FBAR) if they hold a threshold amount of cash or investments in offshore bank or financial accounts.
Many taxpayers are either unaware of the FBAR and other offshore information reporting requirements or openly choose to flout them. The IRS and FinCEN, are tasked with tracking down those who are not in FBAR compliance as part of their mission to stop money laundering. Recently, FBAR enforcement has been on the rise. If you have failed to file FBAR or made inaccurate or incomplete FBAR or other offshore information reports, now is the time to contact a skilled FBAR tax attorney and CPA like those at the Tax Law Offices of David W. Klasing to discuss your options for fixing this issue while minimizing tax, penalties and interest and avoiding criminal prosecution for taxable offshore income tax evasion and criminal foreign information reporting noncompliance.
Indications in recent years are that FBAR enforcement by the IRS has been going up. If the IRS has not opened an audit or criminal investigation into your behavior, our experienced Tax Attorneys & CPAs at the Tax Law Offices of David W. Klasing can get you into one of the agency’s voluntary disclosure programs that will limit your potential civil and eliminate any criminal exposure.
For conduct that is likely to be viewed as non-willful, you are eligible for the streamlined disclosure program. If your behavior is likely to be seen as willful, the IRS’s Voluntary Disclosure Practice (VDP) allows those who purposely failed to make required offshore information disclosures and purposely evaded offshore taxable income utilizing offshore bank, financial accounts, inheritances or businesses to come clean.
Call (800) 681-1295 or visit the contact us page of our website to schedule a reduced rate initial consultation.
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Public Contact: Dave Klasing Esq. M.S.-Tax CPA, dave@taxesqcpa.net
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