Foreign Reporting – FBAR, FIRPTA, FATCA, Etc.
Are you looking for a law firm for an FBAR, Report of Foreign Accounts, now known FinCEN Form 114, issue? Did you know that the FBAR Form has nothing to do with the income tax? Yet, the IRS has been placed in charge of administrative of the FBAR form, including FBAR penalties. We suppose it is because no other federal agency wanted the job, and because the Treasury Department knew that the IRS has collection and enforcement structures in place. You may have heard the IRS can assess huge FBAR penalties, and could be scared about what will happen to you. If so, good. You should be afraid as the IRS can act very arbitrarily, especially when taxpayers do not find adequate representation.
If our Firm is assisting you with reporting off-shore bank accounts to the U.S. Government (a Treasury Program administered by the Internal Revenue Service), you must be prepared to cooperate with our firm, to communicate with your bank(s) and financial institution(s) overseas, and to facilitate an introduction and collaboration between your accountants and our firm.
We will need you to help us the collection of the necessary documentation, and the building of an affidavit which tells your “story” so we can create the disclosure statement. Once everything is ready and we make our submission to the IRS (which could take over a month to create, depending on your facts and circumstances, and the ease of assembling the affidavit and the supporting documents), then we must patiently await the IRS to assign someone to the case and then contact our office. This could take months.
As with any other case, if you haven’t heard from our office, this means that there has been no activity or development. Conversely, once we hear or receive anything, we will contact you immediately. Cooperation and communication is key, and the goal is always to help you with peace of mind, and the lowest costs possible.
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