DETROIT FBAR ATTORNEYS
If you have offshore accounts, you may be subject to FBAR (Foreign Bank Account Report). If you meet the requirements and do not file the proper FBAR documents, you could be subject to penalties from $10,000 up to 50% of the total of your foreign accounts, and possbily even imprisionment.
Freeman Tax Law has decades of experience helping individuals in Metro Detroit with FBAR compliance and offshore investing guidance. We help people protect their assets while avoiding civil and criminal liability. Our attorneys specialize in handling all types of FBAR situations.
DETROIT OVDP & FBAR COMPLIANCE
FREEMAN TAX LAW - FBAR & OVDP SPECIALISTS
HELPING PEOPLE IN DETROIT AND SOUTHEAST MICHIGAN WITH THEIR FBAR AND OFFSHORE INVESTING NEEDS
Detroit Michigan FBAR & OVDP Filing Services
If you have money or assets in a foreign country, you need to insure you are meeting all of the reporting requirements of the IRS. Our experienced team will help you:
- Protect Your Assets
- Insure All Reporting Requirements are Met
- Avoid All Civil & Criminal Liability
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.
Penalties for Not Filling FBAR
If non-willful, up to $10,000; if willful, up to the greater of $100,000 or 50 percent of account balances; criminal penalties may also apply.
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.
Penalties for Not Filling Form 8938
Up to $10,000 for failure to disclose and an additional $10,000 for each 30 days of non-filing after IRS notice of a failure to disclose, for a potential maximum penalty of $60,000; criminal penalties may also apply.
OFFSHORE INVESTMENT AND WEALTH MANAGEMENT SERVICES
In addition to ensuring full compliance with all FBAR and foreign account reporting requirements, Freeman Tax Law also offers comprehensive wealth management services. We specialize in helping clients attain and maintain their financial goals through sophisticated and comprehensive estate planning strategies. These plans are designed to protect assets, minimize taxes, and ensure assets are properly transferred to heirs and beneficiaries.
DETROIT FBAR ATTORNEYS
2051 Villa Rd #105
Birmingham , MI 48009 US
Toll Free: 855-935-5945
WE MAKE IT SIMPLE
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.
FREEMAN TAX LAW CAN HELP
Freeman Tax Law's Michigan office is located in Birmingham, which makes it convenient for everyone in the Metro Detroit area.
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.
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 availble 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 office if you have questions - or would like to schedlue a free, totally confidental consultation to discuss your personal tax situation.
ATTORNEY - CLIENT PRIVILEGE
The attorney-client privilege is one of the oldest American privileges for confidential communications. All communications with Freeman Tax Law regarding a legal issue will be treated with the strictest confidence and protected under the attorney client privilege.