CHICAGO LAW FIRM SPECIALIZING IN FBAR & OFFSHORE DISCLOSURE
In need of an attorney to help with FBAR or foreign asset offshore disclosure issues? Freeman Tax Law can help. Our international tax attorneys have extensive experience in all foreign asset filing procedures and regulations. If you have non-filer issues, we will guide and counsel you through the best course of action to get in compliance with the IRS and the Department of Treasury. We have helped people in Chicago and throughout Illinois get relief and the peace of mind in knowing that they are in compliance with all federal and state laws.
Find out more about our FBAR and foreign account services below - or contact us now to schedule a free, totally confidential consultation.
FBAR AND OFFSHORE TAX COMPLIANCE HELP
CHICAGO INTERNATIONAL TAX ATTORNEYS SPECIALIZING IN FBAR AND FOREIGN TAX MATTERS
Freeman Tax Law has decades of experience in all types of international tax matters. We will handle all the necessary steps needed to ensure that you are in full compliance will all IRS and Department of Treasury filing requirements. Please contact us to schedule a free consultation to discuss your specific offshore filing questions.
WHAT IS FBAR?
FBAR stands for Foreign Bank Account Report. The form that foreign bank accounts is reported on is called the FinCEN 114 form (formerly known as TDF 90-22.1). This is an informational return, the will not be an amount due with this filing. However, there are very severe penalties for not filing this form if you are required to do so.
WHO MUST FILE FBAR?
Any U.S. citizen, no matter where they currently reside, must file if their total foreign account balances are over $10,000 USD at any time during the year. A U.S. resident also is required to file this form. A U.S. resident is defined as someone who was physically present in the U.S. during the year for 183 days or more.
PROGRAMS FOR INDIVIDUALS WITH UNDISCLOSED FOREIGN FINANCIAL ASSETS
The implementation of FATCA and the recent increase in efforts by the IRS and the Department of Justice to track down U.S. residents with foreign assets has led many people to realize that they need to comply with offshore reporting regulations. Because the circumstances of taxpayers with offshore investments varies, the IRS offers some options for addressing previous failures to comply with offshore reporting requirements.
OVDP - OFFSHORE VOLUNTARY DISCLOSURE PROGRAM
STREAMLINED FILING COMPLIANCE
DELINQUENT FBAR SUBMISSION PROCEDURES
DELINQUENT INTERNATIONAL INFORMATION RETURN SUBMISSION
What program is best is dependent upon the specific situation of each individual. If you have questions about your personal tax situation, please contact our office to schedule a free consultation.
FREEMAN TAX LAW OFFSHORE DISCLOSURE PROCESS
Below is the proven process our firm uses with clients in Chicago and throughout the state of Illinois to insure that every pertinent fact is addressed, and all forms and documents are processed and filed in a timely, cost-efficient manner.
FREEMAN TAX LAW - CHICAGO
875 N Michigan Ave #19
Chicago, IL 60611 US
Toll Free: 855-935-5945
Freeman Tax Law is a comprehensive international tax firm, comprised of a full-service team of Attorneys, CPA's and former IRS agents.
We have handled hundreds of offshore disclosure cases, and will help you understand your obligation in regards to the receipt of foreign gifts and bequests. We will clearly explain your options in making all necessary disclosures to the IRS.
OFFSHORE ASSETS - COMING INTO COMPLIANCE
if you have offshore assets, and want to get in compliance with all IRS reporting requirements, you may have some options available to you. We have created the chart below to help you determine what course of action may be best for you.
Freeman Tax Law is experienced at effectively analyzing complex tax problems, presenting options for the client to enable a resolution and implementing solutions. Offshore account reporting and compliance can be a difficult process to understand. We have decades of experience helping people navigate this process successfully.
Please contact our Chicago office if you have questions - or would like to schedule a free, totally confidential consultation to discuss your personal tax situation.