Q: Does your firm handle Foreign Bank Account Reporting (FBAR)?
A: Though offshore accounts may seem like a smart way to store some of your assets, if you use your offshore accounts to unlawfully hide your income or funds due to the U.S. government, you could end up in a lot of hot water.
If you have an offshore account exceeding $10K, and have undisclosed foreign income or are accused of tax evasion, your money may remain untouched, but you can still face the possibility of criminal prosecution (including prison time) and fines up to hundreds of thousands of dollars.
Due to the complexity of the FBAR requirements that are associated with having an offshore bank account, it is in your best interest to consult with an experienced IRS tax attorney. Do you have an offshore account that requires FBAR? Let one of our IRS tax lawyers help to manage your assets and make sure that due diligence is completed so that your assets are legally protected. Any one of our IRS attorneys can provide you with a free 1 on 1 consultation to discuss your options and set up a plan that works for you. Contact us today. We can help. (800) 669-4775.