Professional Services

Voluntary Disclosure

Voluntary Disclosure and Compliance

For taxpayers who have an offshore brokerage or bank account, partnership, or trust, that has not been reported to the IRS and/ or for which income taxes have not been paid, we can help them return to full compliance with minimal civil penalties.

So Call Us For Information or Assistance.

What Is The Issue for Offshore Account Holders

The laws and regulations relating to offshore accounts have changed drastically over the last decade. US citizens and residents with foreign or offshore accounts including mutual funds, brokerage accounts, bank accounts valued at more than $10,000 must complete the Report of Foreign Bank Accounts (FBAR), every year to remain in compliance with US tax law.

As a result of these changes in the laws, those individuals with offshore holdings that are not in compliance are increasingly at risk for IRS investigations and could be subject to severe civil and criminal penalties. The IRS has made compliance with this area of tax law a priority and devoted considerable resources to ferret out taxpayers who fail to comply with the disclosure requirement.

The civil liabilities for not filing the required reports include fines of the greater of $100,000 or 50% of the amount in the account at the time of the violation. Possible criminal charges related to tax returns omitting income from foreign accounts include 10 years of prison and a fine of up to $500,000 for failure to file the required reports.

The IRS has offered a voluntary compliance program for taxpayers who come forward and meet the requirements of the program. To qualify taxpayers must comply rigorously with the entire reporting and disclosure requirements. See Below

Voluntary Compliance Program

The program requires:

File six years of back tax returns reflecting unreported foreign source income

  • Calculate interest each year on unpaid tax
  • Apply a 20% penalty based on the highest balance of the account in the past six years
  • Apply a 20% accuracy-related penalty
  • File required reports that were not filed

In return the IRS agrees not to pursue:

  • Charges of criminal tax evasion
  • Other fraud and filing penalties including failure to file FBAR reports

Services We Offer to Clients

We help clients return to full compliance by providing the following services;

  • Represent you and be the point of contact in all matters before the IRS so you never have to meet or speak with any IRS agent.
  • Assist client in obtaining all records from foreign accounts to determine extent of liability and income earned over the years the accounts were open.
  • Calculate the omitted income for all foreign accounts.
  • Amend the tax returns to report omitted income for all required years.
  • Prepare and file all required disclosures and reports to qualify for the voluntary compliance program.

So Call Us For Information or Assistance.

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