CLEVELAND FBAR & OVDP ATTORNEYS

Properly filing FBAR's and ensuring compliance with IRS tax laws, rules and regulations is extremely important. For years, we have been helping people in Cleveland and across Ohio stay in compliance with all reporting requirments.

Freeman Tax Law is experienced at effectively analyzing complex international wealth management and tax problems. Our tax attorneys and accountants have years of experience dealing with FBAR and all foreign account reporting issues. If you are unsure if you should be reporting your foreign assets, or are unsure if you are fully compliant with the IRS - please contact our office. The inital consultation is free, and confidential.

HELPING CLEVELAND RESIDENTS WITH OVDP & FBAR

LET US HELP YOU GET IN COMPLIANCE WITH THE IRS

OHIO FOREIGN ACCOUNT TAX SERVICES

  • FOREIGN BANK ACCOUNT REPORTING FORMS

    Below are two of the forms that you may be required to file if you have or have had income or assets in foreign countries:

    FinCEN From 114

    FinCEN Report 114, Report of Foreign Bank and Financial Accounts, is used to report a financial interest in or signature authority over a foreign financial account. United States persons that have a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year. Foreign financial accounts include bank accounts, brokerage accounts, mutual funds and trusts.

    Form 8938

    Form 8938 is used to report “specified foreign financial assets” if the total value of all specified foreign financial assets in which you have an interest is more than the reporting threshold (which varies depending on your filing status and whether you live in the U.S. or abroad). You are required to include a reportable asset even if you receive no income or distributions with respect to that asset. Form 8938 must be filed with your income tax return. The penalty for failure to file this form or late filing is $10,000. If you receive a notice from the IRS for failure to file this form and do not file it within 90 days of the IRS notice, additional penalties may be imposed.

  • OFFSHORE VOLUNTARY DISCLOSURE PROGRAM

    The voluntary offshore voluntary disclosure program, or OVDP, is a voluntary disclosure program specifically designed for US persons who have foreign financial assets, but have failed to report those assets to the U.S. government. Disclosing these assets protects taxpayers from the potential applicaiton of extremely harsh civil penalties or even criminal liability.

  • STREAMLINED FILING PROCEDURE FOR FOREIGN ASSETS

    Streamlined filing compliance procedures, introduced in 2012 for individuals residing outside the United States and in 2014 revised and expanded to also apply to taxpayers inside the United States, offer a potentially easier and less expensive alternative to the Offshore Voluntary Disclosure Program (OVDP) for qualifying taxpayers who wish to disclose unreported foreign assets and income and file related delinquent information returns.

    The streamlined procedures are available only to taxpayers whose failure to report assets and income and file required information returns was due to nonwillful conduct. Under the procedures, taxpayers residing in the United States are subject to a 5% miscellaneous offshore penalty, and taxpayers residing outside the United States are not subject to the penalty.

    Whether a taxpayer is considered a resident of the United States is determined under rules specific to the streamlined procedures. Some taxpayers that are residents for income tax purposes may be nonresidents for purposes of the streamlined procedures.

    Despite the advantages of the streamlined procedures, some taxpayers may nonetheless want to proceed under the OVDP because the OVDP is not available if the IRS rejects a taxpayer’s disclosure request under the streamlined procedures. In particular, taxpayers who may have difficulty proving that their conduct was nonwillful should consider using the OVDP.

  • FREEMAN TAX LAW - FBAR & OVDP SPECIALISTS

    HELP WITH FBAR, OVDP & ALL FOREIGN ACCOUNT REPORTING

    Cleveland Ohio FBAR & OVDP Filing Services

    • Straight-Forward, Easy to Understand Style
    • Years of Experience Handling Cases of All Sizes and Types
    • Will Handle All Communication with the IRS on Your Behalf
    • Free, No-Obligation Initial Consultation

The IRS has aggressively stepped up their FATCA enforcement tactics. If you have offshore assets, now is the time to come forward and get in compliance.

Jeffrey S. Freeman Attorney and Counselor

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OHIO FBAR ATTORNEYS

600 Superior Ave E #1300-1332
Cleveland OH   44114  US

Toll Free: 216-367-9708
Phone: 650-300-5077
Fax: 248-593-9134

Freeman Tax Law is a comprehensive 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.


FOREIGN ACCOUNT REPORTING SERVICES

Federal and state laws change frequently. For current tax or legal advice, an attorney or CPA should be consulted. The information contained in this article is not exhaustive, and is not a substitute for competent legal advice. If you have a question concerning a foreign account or offshore holdings, please contact us. The initial consultation is always free, and of course all communication will be confidential.


GET IN COMPLIANCE WITH FBAR AND THE IRS

If you have unreported offshore assets, or have been contacted by the IRS - you need to take action. The longer you wait, the more problems you may encounter when trying to solve your tax issues. Contact our Cleveland office today. We will help you get in compliance with the IRS.