Offshore account reporting deadline looms
For expatriates, June 15 has the ominous quality that April 15 has for most other American citizens. Next week, expats have to file their annual income tax forms. About two weeks later, on June 30, another deadline looms.
On that date, all U.S. taxpayers with qualifying offshore accounts must file an FBAR — Report of Foreign Bank and Financial Accounts (FinCen Form 114). It’s a day many dread and a filing activity many avoid, perhaps to their detriment.
The IRS and Department of Justice have both significantly stepped up efforts to get foreign account holders to file an FBAR. It’s a multi-pronged effort aimed at both foreign banks pressured by the government to turn over account information to U.S. authorities, and aimed at account holders who don’t file the required forms.
In the past, some account holders simply were not aware they were required to report their offshore assets. Others hoped to avoid taxes due on those funds. In both situations, the IRS wants you to now file your required FBAR, the Wall Street Journalreports.
Both situations hold daunting prospects that can include significant penalties, back taxes with interest and even the possibility of criminal prosecution. Few people want to enter crucial negotiations with the IRS on these complex matters on their own.
At the Law Office of Mark L. Horwitz, P.A., we have experience in helping clients in these situations and a wide array of other circumstances involving unreported overseas accounts. We will assess your situation, help you assemble and present proper documentation to authorities, explain your options and conduct detailed negotiations with officials on your behalf, among our many legal services.
The deadlines are close at hand. You can get more information about our services and about how to contact us at our FATCA, FBAR And IRS Amnesty page.