Regardless of the underlying reasons for the establishment of the foreign account, most of FBAR voluntary disclosures made to date have a number of common characteristics:

  1. A failure to report income earned on the foreign accounts.
  2. A failure to disclose the existence of the foreign account on the individual’s U.S. tax return – there is a place to check a box answering the question whether the taxpayer has signature authority or a financial interest in a foreign account, and if so, to list the names of the countries where the account is held.
  3. A failure to file annual FBAR forms disclosing he existence of the foreign account.
  4. Potentially, a failure to file additional IRS forms regarding a taxpayer’s relationship to a foreign trust or foreign corporation, or the taxpayer’s receipt of funds from foreign sources, including gifts and bequests.

Contact my office to schedule a reduced rate initial consultation to discuss your FBAR and voluntary disclosure concerns and how I can be of assistance. When you call, you will speak directly to me, not a paralegal or assistant, to get the experienced answers you need.

 

March 25, 2014

Characteristics of FBAR voluntary disclosures

Regardless of the underlying reasons for the establishment of the foreign account, most of FBAR voluntary disclosures made to date have a number of common characteristics: […]