OVDP webinar event presented by Jeffrey S. Freeman, J.D., LL.M of Freeman Tax Law will help answer IRS Tax questions
Birmingham, MI September 17, 2014 – Do you currently have an offshore bank account or have you considered opening one? Are you in compliance with the IRS with your existing foreign bank accounts or assets? Foreign banking has been under intense scrutiny over the past several years and the recent roll out of the Foreign Account Tax Compliance Act (FATCA) provides a new complexity that account holders and foreign financial institutions are still working to understand. Having a foreign offshore bank account or assets that have not been properly disclosed could expose you to large civil and criminal fines and penalties.
How to disclose my account to the IRS without paying large fines or going to prison?
With FATCA the IRS is able to track the opening and closings of foreign offshore bank accounts. Hiding from them is no longer an option. If funds are moved from one bank to another or new funds appear you better believe they are going to be looking into where those funds were located before they show up in your account. As you are determining whether to keep your funds offshore or move them back to the United States, you will learn about your options and the various tax implications associated with disclosures of the account at this webinar. Understanding the options can save you from stress, financial challenges, and possibly an untimely audit in the long run. Certainty is the only path that takes you away from living in fear.
Is keeping my foreign account an option?
Foreign bank accounts cause a headache at tax time, requiring additional filing procedures depending on the amount held in the foreign bank account. With the exposure of many offshore Swiss banks aiding Americans in evading their tax responsibilities, foreign bank accounts are under more scrutiny than ever before. Is the headache and stress worth having funds outside of the United States?
There are many instances where it is advantageous to have foreign assets. FATCA is changing the degree of secrecy associated with foreign funds and banks have increased responsibility to verify that clients are correctly reporting their foreign funds in their US tax returns. Should you keep your offshore bank account and foreign assets? Maybe. Maybe not. Come learn as Jeffrey S. Freeman tackles this perplexing question.
Join the Webinar to be IRS Compliant
As a seasoned tax lawyer Jeffrey S. Freeman has successful represented clients in IRS tax courts on a national level and is thoroughly versed in the ever changing U.S. tax laws. Please join his free webinar to determine the best course of action for your offshore bank account. Everyone is welcome.
About Freeman Tax Law
Freeman Tax Law professionally handles all domestic and international tax law matters. At Freeman Tax Law, the attorneys and staff have vast experience with foreign tax compliance, international tax planning, and resolving tax controversies involving offshore banking matters. Freeman Tax Law helps taxpayers and foreign entities become in compliance with laws such as Foreign Account Tax Compliance Act (FATCA), Offshore Voluntary Disclosure Program (OVDP), and Streamlined filing procedure. In addition to handling complex tax controversies, the Freeman Tax Law team has extensive expertise in assisting clients with wealth management and estate planning.