NEW JERSEY FBAR ATTORNEYS
Are you looking for a lawyer to help with FBAR or OVDP issues? If so, please consider Freeman Tax Law. We have extensive experience helping people get in compliance with the IRS and other governmental agencies. We are conveniently located in Short Hills, New Jersey.
FATCA is probably the most complicated and broadest international tax code ever created. Those in violation of FATCA are subject to severe penalties and interest for non-compliance. If you are a New Jersey resident and/or US taxpayer with offshore assets, you may be subject to FBAR and FATCA. Our FBAR lawyers in New Jersey have years of experience dealing directly with the IRS. Now is the time to get the peace of mind that comes from knowing you are in full compliance with all FBAR reporting requirements.
Learn more about our New Jersey FBAR & OVDP services below - or contact us now to schedule a free, no-obligation consultation.
NEW JERSEY FBAR FILING
NEW JERSEY LAWYERS HELPING PEOPLE WITH THEIR FBAR AND OFFSHORE FILING & REPORTING ISSUES
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
WHAT IS FBAR?
Below is a quick review of FBAR and OVDP, and how this program may affect you.
FBAR FORM FILING
The U.S. requires certain taxpayers who have a financial interest in, or signature authority over foreign financial accounts to report these accounts on an annual basis to the Department of Treasury. FinCEN Form 114, Report of Foreign Bank and Financial Accounts - commonly called FBAR - has to be electronically filed through FinCEN's BSA e-filing system. Accounts that must be reported includes bank accounts, mutual funds, trusts, and brokerage accounts.
WHO MUST FILE FBAR?
A U.S. taxpayer or resident is required to file an FBAR if:
The person had a financial interest in or signature authority over (or any other authority over) at least one financial account located outside of the United States and, the aggregate value of all foreign financial accounts exceeded $10,000 at any time during a calendar year.
For tax purposes, U.S. persons include U.S. citizens and residents. It also includes entities, such as corporations, partnerships, and limited liability companies created or organized in the United States.
A person with "signature authority" is a person who can control the disbursement of money or other property in the account using his or her signature. A person with "other authority over an account" is a person who can exercise power over an account by communicating directly, orally or otherwise, to the financial institution or other person maintaining the account.
PENALTIES FOR NOT FILING FBAR
People required by law to file an FBAR who do not do so, or who do not do so accurately, may be subject to civil penalties for negligence, nonwillful violations, and willful violations. Below are the penalties that may be executed for willful and nonwillful violations:
Nonwillful violations - A penalty, not to exceed $10,000, may be imposed on any person who violates or causes any violation of the FBAR filing and recordkeeping requirements that are not due to reasonable cause (Internal Revenue Manual (IRM) §22.214.171.124.4).
Willful violations - Persons who willfully fail to report an account may be subject to a penalty equal to the greater of $100,000 or 50% of the balance in the account at the time of the violation, for each violation, under 31 U.S.C. Section 5321(a)(5) (IRM §126.96.36.199.5). Willful violations may also be subject to criminal penalties under 31 U.S.C. Section 5322(b) or 18 U.S.C. Section 1001.
TIME FOR NEW JERSEY RESIDENTS TO GET IN COMPLIANCE WITH FBAR
The US Government, through FATCA and other programs, have really been stepping up their efforts to identify individuals that have unreported offshore assets. If you have assets offshore and are unsure of your reporting requirements under FBAR, please contact our New Jersey office to schedule a free, no-obligation consultation to discuss your financial situation.
New Jersey Tax Office of Freeman Tax Law
51 John F Kennedy Pkwy #51002
Short Hills, NJ 07078 US
Toll Free: 855-935-5945
NEW JERSEY FBAR LAWYERS
Freeman 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.
FBAR & OVDP HELP
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.
Contact us today to see how we can help solve your FBAR or foreign account issues. The initial consultation is free, and confidential.