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Each year, June 30th marks a specific deadline for certain U.S. citizens who hold assets in offshore and foreign bank accounts. This is the FBAR (Report of Foreign Bank and Financial Accounts) filing deadline for taxpayers holding foreign accounts that exceed $10,000. However, the form name has recently changed from TD F 90-22.1 to FinCEN Form 114. These details and other changes in reporting requirements can change each tax year, so it is imperative to seek the counsel of an experienced tax lawyer.
At the Tax Litigation Law Office of Scott Kauffman, I have helped many clients over the years with both FBAR and FATCA (Foreign Account Tax Compliance Act) issues. If you missed the reporting deadline or have failed to disclose information about a foreign bank account, now is the time to seek tax law counsel. The sooner you take action, the better your chances of a good outcome. Call my Irvine, California, law office today at 949-474-1820. With more than 20 years of specific tax law experience and an advanced tax law degree, I am extremely knowledgeable and skilled in this area of the law.
Failure To File In A Timely Manner Means Serious Consequences
What happens if you do not file in time, or if you fail to report what is required for FBAR? There are civil implications including financial penalties. If the IRS believes you willfully failed to disclose, there are potential criminal charges and consequences on top of significant fines.
To complicate matters even further, there is an additional requirement for U.S. citizens holding foreign bank accounts with more than $50,000. A Form 8939 is also required and does not receive the same June 30 deadline but must be filed along with the standard federal income tax filing in April.
As a seasoned tax lawyer, I can help make sure you file properly in order to avoid such serious consequences. Furthermore, I offer advice on how to take proactive measures, such as the Offshore Voluntary Disclosure Program (OVDP).
If you have already been contacted by the IRS, I can help you handle these issues as well. Contact me immediately today to discuss your specific situation.