Offshore Accounts & FBAR

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If you hold assets in an institution located outside the U.S., read on.  If you are a signatory on a financial account located outside the U.S., read on.

The IRS is cracking down on taxpayers  who fail to report assets held abroad. With a few exceptions, if you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, you may be required to report the account yearly to the IRS through a Report of Foreign Bank and Financial Accounts (FBAR).

Failing to do so is a criminal offense, which could land you a hefty penalty and jail time. The IRS has recently proposed legislation that requires reporting of any foreign asset held in a foreign land, i.e., your car, your house, and artwork and other valuables.

Because of the recent increase in the number of U.S.-owned offshore accounts, the IRS has beefed up its personnel dedicated to investigating global compliance with Internal Revenue Code, and many financial institutions abroad have agreed to help enforce it.  Even Switzerland, a country well-known for refusing to divulge information concerning offshore accounts, has come around to the IRS’s viewpoint.  Such countries are no longer allowing privacy issues to interfere with prosecution of international tax evasion.

As a tax boutique, Law Offices of Christy Lee, P.C., will assist you in resolving your FBAR issues.  We will advise you as to whether you are among those required to disclose your offshore assets, and we will prepare the appropriate filings for you when necessary.  If you have been hit by heavy penalties, interest, and criminal prosecution concerning a failure to report the offshore assets to the IRS, we will act on your behalf to ensure that your rights are observed. When you have our tax boutique on your side, we fight to protect your assets while ensuring your compliance with the tax laws.

Our goal is  to minimize the stress and interference in your personal life during the audit, while at the same time securing a favorable outcome and encountering little risk that the IRS will expand the audit beyond the years already under examination.  Handled with professional care, your audit should not be a taxing experience.

Why Should You Contact Law Offices of Christy Lee, P.C.?

When facing IRS Audits & Appeals, it's reassuring to have a tax professional on your side that understands the complexities of the law.

As a general rule, taxpayers who seek our legal advice concerning their tax obligations early in the IRS audit achieve substantially more favorable results than those who face such challenges alone.

We ensure that you don't misinterpret questions from the auditors and inadvertently provide information that could be harmful to your case.

You can have supreme confidence in our ability to establish an effective defense for your case due to our collective knowledge regarding the intricacies of tax law.

Tax law routinely updates and changes. For that reason, the team at Christy Lee Law is always up to speed on current developments so that we may find and utilize key advantages of the law.

We mark and utilize every benefit afforded to business owners as it relates to the Internal Revenue Code. We stand by that commitment to our clients.

Disclaimer: Material contained in this website is intended for informational purposes only and should not be interpreted as legal advice. The content does not constitute an attorney-client relationship between the user and Law Offices of Christy Lee, P.C., and users should not act on the content without seeking legal counsel in their own jurisdictions.