Florida FBAR Tax Attorneys

The government implemented the Offshore Voluntary Disclosure Initiative in 2011, and it has strict reporting requirements with regard to foreign accounts. It also has strict penalties for not reporting them every year. That’s why you need to file an FBAR if this applies to you.

Florida FBAR Preparation and Filing Services



FBAR Attorneys in Tampa, FL

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. A good tax attorney will always 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 Voluntary Disclosure Program (OVDP
  • FBAR (FinCen Form 114) Preparation and Filing.
  • IRS Form 8938 (Statement of Specified Foreign Financial Assets)
  • Making sure you are in compliance with all federal & state taxing authorities.
If you have had more than $10,000 in offshore investments or bank accounts at any point during the year (or past years), you may be subject to disclosing this information to the IRS. If you are concernced about the disclosure of offshore finanical activity, please contact our office to schedule a no-obligation, confidential consultation to discuss your tax matters.

Freeman Tax Law is an experienced firm focusing on effectively analyzing complex international tax and wealth management problems. We apply a deep grasp of the law and beat expected outcomes for our clients through careful planning, negotiation or litigation.

Please contact our Tampa office to get all of your tax and financial questions answered.

Tampa Florida Office of Freeman Tax Law

4511 N Himes Ave #200-135
Tampa, FL 33614 US

Phone: 813-425-2442
Fax: 888-907-1737

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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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 office if you have questions - or would like to schedlue a free, totally confidental consultation to discuss your personal tax situation.


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FBAR PENALTIES

FAILURE TO FILE IMPLICATIONS

The penalties for not reporting offshore holdings can be quite severe.

The penalties for failure to file an FBAR are worse than tax penalties. Failing to file an FBAR can carry a civil penalty of $10,000 for each non-willful violation. But if your violation is found to be willful, the penalty is the greater of $100,000 or 50 percent of the amount in the account for each violation—and each year you didn’t file is a separateviolation.

Criminal penalties for FBAR violations are even more frightening, including a fine of $250,000 and 5 years of imprisonment. If the FBAR violation occurs while violating another law (such as tax law, which it often will) the penalties are increased to $500,000 in fines and/or 10 years of imprisonment. Many violent felonies are punished less harshly.

Moreover, the assessment of a civil penalty does not preclude criminal penalties or prosecution. Fortunately, one IRS official has said that the IRS may decide to simply issue a warning letter rather than penalties. The goal is compliance with the rules, the IRS suggests, not penalties.

In assessing whether penalties are to be applied, especially willfulness, the IRS looks at such issues as inheritance, how other accounts are treated and many other factors.

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CALL US:

(855) 935-5945

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.