OVDP Tax Attorney Atlanta
Report of Foreign Bank and Financial Accounts (FBAR): The law requires offshore account holders to file a (FBAR), Form TD F 90-22.1 each year. Failure to file
Statement of Specified Foreign Financial Assets: The FATCA also requires U.S. taxpayers to report foreign financial assets with an aggregate value exceeding $50,000 by the yearly filing of a Statement of Specified Foreign Financial Assets (Form 8938).
Other Filing Requirements: U.S. citizens and residents may be required to file other forms depending upon their situation. Such other forms include: Annual Return to Report Transactions with Foreign Trusts (Form 3520); Information Return of Foreign Trust With a U.S. Owner (Form 3520-A); and other forms relating to foreign corporations and partnerships.
Tax Evasion and Offshore Accounts
The government’s efforts are designed to stop tax evasion by those who fail to report income from offshore accounts and other assets. If the government discovers offshore income, the consequences can be severe. A person who willfully does not disclose income earned outside the United States faces criminal charges of “tax evasion” in addition to “failure to file the FBAR” if the account or accounts exceed $10,000.
The IRS and the Department of Justice are seeking to stop tax evasion due to unreported offshore banking. Their efforts are two-fold. First, by pressuring offshore banks to disclose American account holders; and second, by offering amnesty from criminal prosecution and reduced civil penalties for citizens who voluntarily disclose the offshore accounts under Offshore Voluntary Program (OVDP).
As a result of representing people through the trials and tribulations of being charged criminally, and the subsequent efforts of the IRS assessing significant penalties and interest, it is without hesitation the advice of this firm that anyone who can, should take advantage of the 2014 OVDP. Our firm stands willing to help those who desire to participate in the OVDP. You should be advised of the legal courses of action available.
We are ready to help those whose information has already been provided to the IRS by the offshore banks. We are also in a position to assist those who know that their offshore financial institutions are being pressured by the United States to provide such information. We can help individuals enter the OVDP even though an outstanding request to the bank is pending, as long as the actual offshore banking information about their accounts has not reached the United States government.
Many times, clients who come to the Ansari Law Firm., have inherited a foreign bank account from a parent or grandparent. This is a common situation, and we can help you avoid criminal penalties and heavy civil penalties.
Offshore bank accounts must be reported under U.S. law. All offshore bank accounts over $10,000 must be reported yearly. Additionally, earnings on offshore accounts must be reported to the IRS. Failure to report offshore bank accounts and earnings therefrom are felonies that can result in imprisonment.
The IRS may recommend prosecuting a person to the Justice Department when he or she is noncompliant with offshore reporting requirements. By entering in the OVDP, that person will not be criminally prosecuted as long as full and accurate disclosure is made. If the IRS believes that full disclosure was not made, false information was provided or failure to cooperate occurred, then criminal prosecution may still occur. We strive to ensure that such problems do not occur and that our clients successfully complete the OVDP.
Another significant benefit is that a person who successfully completes the program’s requirements will greatly reduce the civil penalties that could be imposed by the government.
The OVDP is the fourth voluntary reporting program offered by the IRS. The current program has no termination date, but may be modified or terminated by the IRS at any time.
Even if the offshore bank is being forced to provide account records to the IRS, a person can still enter the Offshore Voluntary Disclosure Program if the application process begins before the IRS gets the records. Once the bank has turned over the records to the IRS, a person cannot enter the Offshore Voluntary Disclosure Program.
A taxpayer can be prevented from entering the OVDP for several reasons, including:
- The taxpayer took steps to prevent the offshore bank from complying with an IRS request for bank records without notifying the IRS.
- The taxpayer is currently under an IRS audit or is under criminal investigation by the IRS.
- The government believes the source of the money was from illegal conduct.
- The IRS obtains offshore bank records from the offshore bank or someone other than the account holder.
If a taxpayer is turned down, he or she may be subject to a criminal investigation that can result in prosecution. In addition, he or she would be subject to harsh civil penalties. These and other serious legal consequences are why it is essential to hire only attorneys qualified and experienced in criminal tax matters and the OVDP.
U.S. citizens and noncitizen residents must report all income on their U.S. tax returns, regardless of where that income was earned. If you are a U.S. citizen working overseas, you must report your income to the IRS even if your income is taxed in the foreign country.
Credits and deductions may mean that you do not owe taxes, but you are still required to report income. If you fail to report your foreign income, you can face criminal penalties. The IRS has specially trained examiners who are focused on pursuing violations of this and similar tax crimes such as failing to report foreign investments.
OFFSHORE ACCOUNT CHECKLIST
Spelling of full name
Date of birth
Place of birth
U.S. Passport Number and copy of front picture page
Foreign birth certificate
Foreign passport
Immigration paperwork showing date of eligibility
Bank account name
Bank account number
Date account was opened
Bank statement (needed within 8 weeks of initial filing)
Copies of last 3 years of tax returns
Real property description in foreign country
U.S. Holdings:
Real property in U.S. – to show that you live there now. Leasehold or purchase.
Employer information
Resume – from experience, showing your responsible lifestyle helps to prove your commitment to compliance.
Report of Foreign Bank and Financial Accounts (FBAR): The law requires offshore account holders to file a (FBAR), Form TD F 90-22.1 each year. Failure to file
Statement of Specified Foreign Financial Assets: The FATCA also requires U.S. taxpayers to report foreign financial assets with an aggregate value exceeding $50,000 by the yearly filing of a Statement of Specified Foreign Financial Assets (Form 8938).
Other Filing Requirements: U.S. citizens and residents may be required to file other forms depending upon their situation. Such other forms include: Annual Return to Report Transactions with Foreign Trusts (Form 3520); Information Return of Foreign Trust With a U.S. Owner (Form 3520-A); and other forms relating to foreign corporations and partnerships.
Tax Evasion and Offshore Accounts
The government’s efforts are designed to stop tax evasion by those who fail to report income from offshore accounts and other assets. If the government discovers offshore income, the consequences can be severe. A person who willfully does not disclose income earned outside the United States faces criminal charges of “tax evasion” in addition to “failure to file the FBAR” if the account or accounts exceed $10,000.
The IRS and the Department of Justice are seeking to stop tax evasion due to unreported offshore banking. Their efforts are two-fold. First, by pressuring offshore banks to disclose American account holders; and second, by offering amnesty from criminal prosecution and reduced civil penalties for citizens who voluntarily disclose the offshore accounts under Offshore Voluntary Program (OVDP).
As a result of representing people through the trials and tribulations of being charged criminally, and the subsequent efforts of the IRS assessing significant penalties and interest, it is without hesitation the advice of this firm that anyone who can, should take advantage of the 2014 OVDP. Our firm stands willing to help those who desire to participate in the OVDP. You should be advised of the legal courses of action available.
We are ready to help those whose information has already been provided to the IRS by the offshore banks. We are also in a position to assist those who know that their offshore financial institutions are being pressured by the United States to provide such information. We can help individuals enter the OVDP even though an outstanding request to the bank is pending, as long as the actual offshore banking information about their accounts has not reached the United States government.
Many times, clients who come to the Ansari Law Firm., have inherited a foreign bank account from a parent or grandparent. This is a common situation, and we can help you avoid criminal penalties and heavy civil penalties.
Offshore bank accounts must be reported under U.S. law. All offshore bank accounts over $10,000 must be reported yearly. Additionally, earnings on offshore accounts must be reported to the IRS. Failure to report offshore bank accounts and earnings therefrom are felonies that can result in imprisonment.
The IRS may recommend prosecuting a person to the Justice Department when he or she is noncompliant with offshore reporting requirements. By entering in the OVDP, that person will not be criminally prosecuted as long as full and accurate disclosure is made. If the IRS believes that full disclosure was not made, false information was provided or failure to cooperate occurred, then criminal prosecution may still occur. We strive to ensure that such problems do not occur and that our clients successfully complete the OVDP.
Another significant benefit is that a person who successfully completes the program’s requirements will greatly reduce the civil penalties that could be imposed by the government.
The OVDP is the fourth voluntary reporting program offered by the IRS. The current program has no termination date, but may be modified or terminated by the IRS at any time.
Even if the offshore bank is being forced to provide account records to the IRS, a person can still enter the Offshore Voluntary Disclosure Program if the application process begins before the IRS gets the records. Once the bank has turned over the records to the IRS, a person cannot enter the Offshore Voluntary Disclosure Program.
A taxpayer can be prevented from entering the OVDP for several reasons, including:
- The taxpayer took steps to prevent the offshore bank from complying with an IRS request for bank records without notifying the IRS.
- The taxpayer is currently under an IRS audit or is under criminal investigation by the IRS.
- The government believes the source of the money was from illegal conduct.
- The IRS obtains offshore bank records from the offshore bank or someone other than the account holder.
If a taxpayer is turned down, he or she may be subject to a criminal investigation that can result in prosecution. In addition, he or she would be subject to harsh civil penalties. These and other serious legal consequences are why it is essential to hire only attorneys qualified and experienced in criminal tax matters and the OVDP.
U.S. citizens and noncitizen residents must report all income on their U.S. tax returns, regardless of where that income was earned. If you are a U.S. citizen working overseas, you must report your income to the IRS even if your income is taxed in the foreign country.
Credits and deductions may mean that you do not owe taxes, but you are still required to report income. If you fail to report your foreign income, you can face criminal penalties. The IRS has specially trained examiners who are focused on pursuing violations of this and similar tax crimes such as failing to report foreign investments.
OFFSHORE ACCOUNT CHECKLIST
Spelling of full name
Date of birth
Place of birth
U.S. Passport Number and copy of front picture page
Foreign birth certificate
Foreign passport
Immigration paperwork showing date of eligibility
Bank account name
Bank account number
Date account was opened
Bank statement (needed within 8 weeks of initial filing)
Copies of last 3 years of tax returns
Real property description in foreign country
U.S. Holdings:
Real property in U.S. – to show that you live there now. Leasehold or purchase.
Employer information
Resume – from experience, showing your responsible lifestyle helps to prove your commitment to compliance.
OVDP Tax Attorney Atlanta
