SAN JOSE FBAR TAX SERVICES

The FBAR attorneys at the San Jose office of Freeman Tax Law have years of experience preparing all required FBAR and foreign asset reports. We specialize in helping those who have not been filing, or are not sure if they have been filing correctly. The IRS continues to put extreme emphasis on finding people with offshore assets.

Please contact our San Jose tax office today to schedule a free, no-obligation consultation. We will help you determine if you are in full compliance with all federal and local taxing authorities.

SAN JOSE FBAR TAX SERVICES

If you have money or assets in a foreign country, you need to make certain that you are in compliance with all of the reporting requirements of the IRS. Our experienced San Jose attorneys will make sure you:

  • Protect Your Assets
  • Insure All Reporting Requirements are Met
  • Avoid All Civil & Criminal Liability

The international tax professionals at Freeman Tax Law have the experience required to assist you with your foreign bank account reporting (FBAR) filing requirements.  We will also help you review your options for disclosure if you have failed to file FBAR's in the past (OVDP).

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.

SEVERE 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) §4.26.16.6.4).

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 §4.26.16.6.5). Willful violations may also be subject to criminal penalties under 31 U.S.C. Section 5322(b) or 18 U.S.C. Section 1001.

OFFSHORE VOLUNTARY DISCLOSURE

Over the years, the IRS has offered several formal offshore voluntary disclosure programs (OVDP).  These programs have allowed qualifying taxpayers with previously undisclosed foreign accounts and assets to come forward and voluntarily disclose those accounts in exchange for potentially reduced penalty charges. 

In June 2014, the IRS announced several major changes to the Offshore Voluntary Disclosure Program (OVDP), including increasing the offshore penalty from 27.5% to 50% for certain accounts. At the same time, the IRS expanded its streamlined filing compliance procedures, which offer an alternative (and generally less expensive) route to disclosure for those taxpayers willing and able to certify that their failure to report the foreign assets and pay any resulting tax was not willful.

If you have questions concerning your eligibility in regards to the various IRS OVDP programs, please contact us.  We would be happy to discuss the various options that may be available to you.

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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SAN JOSE TAX SERVICES

Freeman Tax Law is a comprehensive international tax 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.


San Jose Office of Freeman Tax Law

203 Gateway Pl. #101

San Jose, CA 95110

Phone: 408-217-0221

Freeman Tax Law is a comprehensive international tax firm, comprised of a full-service team of Attorneys, CPA's and former IRS agents.


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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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.