DENVER FBAR & OVDP ATTORNEYS
Freeman Tax Law has extensive experience helping people in Denver with their foreign tax matters. If you have income or assets offshore, you need to make sure you are in compliance with all IRS and United States Treasury reporting requirements.
FBAR – WHAT DENVER TAXPAYERS NEED TO KNOW
FOREIGN ASSETS AND THE IRS
WHAT IS FBAR?
The Foreign Bank Account Report (FBAR) is a report filed annually with the United States Treasury for Americans to report the existence of foreign bank accounts and other financial accounts held abroad. The FBAR is required if you have $10,000 or more held in foreign accounts at any time during the year.
WHAT IS OVDP?
OVDP stands for offshore voluntary disclosure program. The IRS’s offshore voluntary disclosure program insures uniform penalty structures for taxpayers who come forward voluntarily and report their previously undisclosed foreign accounts and assets. Because the implementation of the Foreign Account Tax Compliance Act (FATCA) and the IRS and Department of Justice offshore enforcement efforts continue to raise the risk of detection of taxpayers with undisclosed foreign accounts and assets for the foreseeable future, it is imperative that you take steps to get in compliance. The current OVDP has no set deadline for taxpayers to apply. However, the terms of this program could change at any time. For example, the IRS may increase penalties or limit eligibility in the program for all or some taxpayers or defined classes of taxpayers – or decide to end the program entirely at any time.
WHAT IS THE STREAMLINE FILING PROCEDURE?
If you have failed to timely file required FBARs in the past, it may be beneficial for you to disclose that fact through the Streamlined Filing Compliance Procedures to ensure that you are not assessed with hefty penalties by the IRS. The streamlined filing compliance procedures described below are available to taxpayers certifying that their failure to report foreign financial assets and pay all tax due was not the result of willful conduct on their part. The streamlined procedures are designed to provide to taxpayers in such situations with::
- a streamlined procedure for fling amended or delinquent returns
- terms for resolving their tax and penalty procedure for filing amended or delinquent returns
- terms for resolving their tax and penalty obligations
Eligibility criteria for the streamlined procedures
The modified streamlined filing compliance procedures are designed only for individual taxpayers, including estates of individual taxpayers. The streamlined procedures are available to both U.S. individual taxpayers residing outside the United States and U.S. individual taxpayers residing in the United States. Taxpayers must certify that conduct was not willful.
Taxpayers using either the Streamlined Foreign Offshore Procedures or the Streamlined Domestic Offshore Procedures, will be required to certify that the failure to report all income, pay all tax and submit all required information returns, including FBARs (FinCEN Form 114, previously Form TD F 90-22,1) was due to non-willful conduct.
DENVER FBAR & OVDP TAX PREPARATION
The Colorado attorney’s at Freeman Tax Law can guide you through the complex maze of foreign tax compliance. We provide:
- Free, No-Obligation Consultation to Discuss your Situation
- Decades of Experience Dealing Directly with the IRS
- Proven Process to Get You in Compliance with all Tax Authorities
FREEMAN TAX LAW
1600 Broadway #1600
Denver, CO , 80202 US
Toll Free: 303-937-4495
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 your offshore assets. We will clearly explain your options in making all necessary disclosures to the IRS.
FOREIGN ACCOUNT QUESTIONS
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.
It's Time to Take Action
With the attention given to the release of the Panama Papers, and the increased efforts of the U.S. Government through the ever-expanding FATCA intitiative - it's only a matter of time before your offshore accounts are discovered.
Now is the time to insure that you are correctly filing all documents required by the IRS. Contact our Denver office today to schedule a free, confidential consultation.