We understand how you must be feeling. Navigating the IRS FBAR and the Offshore Voluntary Disclosure (OVDP) Programs can be a daunting task. The decision to voluntarily disclose foreign assets and whether to choose the streamlined or full process are not decisions that should be taken lightly. Need Help with Voluntary Disclosure of Overseas Assets? Call Our FBAR lawyers Now at (800) 681-1295
Like with most things in life reward varies in direct proportion to risk. The riskiest option if you have undisclosed foreign bank accounts is to do nothing. If the IRS discovers your foreign assets, and they very likely will, the penalties can include federal prison time, deportation, and fines exceeding 250% of your foreign account balances.
We Can Help
As a dual CPA and tax lawyer, David W. Klasing handles these types of cases every day.
Your surprise is not uncommon:The United States is the only civilized country that taxes its citizens on their worldwide assets. Worse, the IRS gives no exceptions for expats, dual citizens, resident aliens, and H1 B VISA holders.
We Are Experienced FBAR and OVDP Attorneys
Finding FBAR lawyers who have both FBAR and OVDP filing experience is a crucial component of a successful disclosure to the IRS. We are routinely called in to fix problems that never should have occurred.
- The IRS has broad powers to find your overseas bank accounts.
- Many foreign banks now fully cooperate with IRS investigators
- Willful evasion of disclosing accounts can result in criminal prosecution