Are You Protecting Assets in Foreign Bank Accounts?
Over the past several years, the IRS has been taking a long look at the legitimacy of offshore bank accounts to reduce U.S. taxes paid by individuals and corporations. In order to comply with federal tax law, taxpayers holding assets in excess of $10,000 now have until June 30th each year to submit a completed Report of Foreign Bank and Financial Accounts, referred to as a FBAR. Individuals and entities with FBAR filing requirements face an increased risk of a federal tax investigation and penalties in the event of non-compliance.
Offshore Voluntary Disclosure Initiative
The IRS recognizes that thousands of Americans protect their investments from U.S. taxes by hiding their assets in offshore banks. Through a special program dubbed the Offshore Voluntary Disclosure Initiative (OPVDI), investors were given the opportunity to disclose the accounts without worry about facing criminal penalties for tax fraud. In addition to avoiding federal tax evasion charges, the civil penalties were also reduced. Officially, the OVDI program ended in August, 2011, however the IRS continues to make special arrangements to encourage the reporting of illegal evasion through offshore bank accounts.
If you are an investor with an offshore bank account, make sure you get the facts about your rights and obligations before coming forward to make a voluntary report to the IRS. Attorney Angelique M. Neal has more than 12 years of federal tax experience, including six years as a former IRS lawyer investigating tax fraud and evasion. She will answer all of your questions about offshore tax arrangements and guide you through the process of reporting your accounts.
From offices in Brighton, Michigan, tax lawyer Angelique M. Neal represents clients throughout the state, the Midwest and the United States. Wherever you are, call toll free 888-351-8395 or contact the firm by e-mail to arrange a consultation with an experienced offshore bank account lawyer.
