IRVINE, Calif., Sept. 15, 2020 /PRNewswire/ -- Every year, American taxpayers with a qualifying amount of assets in offshore bank or financial accounts are required to make full disclosure of these assets to the IRS on a form known as the Report of Foreign Bank and Financial Accounts, or FBAR. Those who fail to timely file a complete and accurate FBAR and other required offshore information returns each year can end up facing serious civil and even criminal penalties especially where tax on offshore taxable income is viewed by the IRS to have been simultaneously evaded.
However, the IRS does have programs to bring back into compliance those who have, intentionally or unintentionally, failed to file an FBAR, other required information returns, or filed an inaccurate report, and or failed to report taxable offshore income if they come forward voluntarily before an audit or criminal tax investigation into their issues is begun. If you decide to go through one of these programs the Tax Law Offices of David W. Klasing can get you a near-certain pass on criminal prosecution and assessed much lower civil fines than if you had been caught through an audit or criminal investigation.
In July 2019, the IRS sent out a series of letters to many of those who had participated over the years in the OVDP program before it was ended. In the letter, the IRS warned that continued compliance with FBAR and other requirements was a necessary component of the OVDP program and asked the taxpayers to explain why they had not filed foreign information returns in years subsequent to their completion of the original OVDP requirements. These taxpayers were apparently identified through a combined effort using data analytics, information provided by third parties such as banks and financial institutions, FATCA, and other information in possession of the IRS. It is quite clear that the IRS is paying close attention to ongoing compliance for those who have gone through the OVDP program, and likely through its successor voluntary disclosure programs as well.
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Public Contact: Dave Klasing Esq. M.S.-Tax CPA, [email protected]
SOURCE Tax Law Offices of David W. Klasing, PC