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| Lawyer4Audits.com The Law Offices of Mark Levinson ESQ 516-938-5007 |
FBAR Foreign Bank Account Reporting - Huge IRS Penalties!
On February 8, 2011, the Internal Revenue Service (IRS) announced an IRS
amnesty program called 2011 Offshore Voluntary Disclosure Initiative (OVDI).
The amnesty program is for taxpayers with unreported foreign financial
accounts, entities, or income. The OVDI limits the potential penalties
associated with the failure to disclose foreign accounts, assets, and foreign
income. The 2011 OVDI limits taxpayers with undisclosed offshore accounts and
assets exposure to civil penalties. Outside of the OVDI program, U.S. taxpayers
discovered with unreported foreign bank accounts, unreported foreign
income, and certain undisclosed foreign assets face the possibility of paying
harsh penalties such as:
1. A penalty for failing to report a foreign account which could be as high as the
greater of $100,000 or 50 percent of the total balance of a foreign account in
each year held
2. A fraud penalty equal to 75 percent of an unpaid tax
3. Penalties for the failure to file information returns.
Furthermore, individuals with undisclosed foreign income and accounts face
the possibility of criminal prosecution. U.S. taxpayers that wish significantly
limit their exposure to the above mentioned penalties must act fast. Taxpayers
that wish to participate in the 2011 OVDI have until August 31, 2011 to complete
all requirements of the program.
Foreign Bank Accounts
Offshore Banking is currently under great scrutiny by the US Justice and the
IRS. Offshore bank accounts and offshore income require special reporting to
the US government. Owning an offshore account is not illegal but US income
taxpayers are required to declare and report any offshore bank accounts and
income each year with their tax returns. The FBAR or Foreign Bank Account
Report is used to report a financial interest in or authority over offshore
accounts in a foreign country. The willful failure to disclose offshore accounts,
or to report all of the information required on an FBAR, can result in severe
civil and criminal penalties. Our office is experienced in assisting and
representing clients with all of the reporting and tax implications of offshore
banking.
On February 8, 2011, the Internal Revenue Service (IRS) announced an IRS
amnesty program called 2011 Offshore Voluntary Disclosure Initiative (OVDI).
The amnesty program is for taxpayers with unreported foreign financial
accounts, entities, or income. The OVDI limits the potential penalties
associated with the failure to disclose foreign accounts, assets, and foreign
income. The 2011 OVDI limits taxpayers with undisclosed offshore accounts and
assets exposure to civil penalties. Outside of the OVDI program, U.S. taxpayers
discovered with unreported foreign bank accounts, unreported foreign
income, and certain undisclosed foreign assets face the possibility of paying
harsh penalties such as:
1. A penalty for failing to report a foreign account which could be as high as the
greater of $100,000 or 50 percent of the total balance of a foreign account in
each year held
2. A fraud penalty equal to 75 percent of an unpaid tax
3. Penalties for the failure to file information returns.
Furthermore, individuals with undisclosed foreign income and accounts face
the possibility of criminal prosecution. U.S. taxpayers that wish significantly
limit their exposure to the above mentioned penalties must act fast. Taxpayers
that wish to participate in the 2011 OVDI have until August 31, 2011 to complete
all requirements of the program.
Foreign Bank Accounts
Offshore Banking is currently under great scrutiny by the US Justice and the
IRS. Offshore bank accounts and offshore income require special reporting to
the US government. Owning an offshore account is not illegal but US income
taxpayers are required to declare and report any offshore bank accounts and
income each year with their tax returns. The FBAR or Foreign Bank Account
Report is used to report a financial interest in or authority over offshore
accounts in a foreign country. The willful failure to disclose offshore accounts,
or to report all of the information required on an FBAR, can result in severe
civil and criminal penalties. Our office is experienced in assisting and
representing clients with all of the reporting and tax implications of offshore
banking.