Denver Offshore Tax Issues Lawyer
If you have a financial interest in or signature authority over a foreign bank account, including a bank account, brokerage account, mutual fund, trust or other type of foreign financial account, the Bank Secrecy Act may require you to report the account annually to the IRS by filing a Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts, otherwise known as the FBAR. The FBAR is used by the IRS to identify individuals who may be using foreign bank accounts to circumvent United States law. Failure to file a timely FBAR can result in criminal investigation and/or severe civil penalties.
Foreign Bank and Financial Accounts (FBAR) Lawyer Colorado
United States persons are required to file an FBAR if:
1. The United States person had a financial interest in or signature authority over at least one financial account located outside the United States; and
2. The aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year to be reported.
United States person includes United States citizens, United States residents, entities, including but not limited to, corporations, partnerships, or limited liability companies created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States.
The IRS began an open-ended offshore voluntary disclosure program (OVDP) in January 2012 (the IRS offered two previous programs in 2009 and 2011) which provides people with undisclosed income from offshore accounts an opportunity to get current with their tax returns. The 2012 OVDP offers benefits to encourage taxpayers to disclose foreign accounts now rather than risk detection by the IRS and face possible criminal prosecution. We have assisted numerous taxpayers in filing back tax returns or amended returns and FBARs through the offshore voluntary disclosure program.
Attorney Amanda Cruser is a former federal prosecutor who worked closely with the IRS prosecuting federal tax crimes. She has intimate knowledge of how the IRS conducts audits, collection proceedings, and criminal investigations. She is also a Certified Public Accountant (CPA). Our goal is to resolve your tax situation by providing the best representation possible.
Contact Amanda Cruser today for a free initial consultation.