Helping Businesses and Individuals With Major Offshore Accounts
It is not uncommon for businesses and individuals of substantial means to store some or all of their assets in accounts outside the United States. Many countries, such as Switzerland, Cyprus and other so-called "tax havens," offer certain tax advantages that the United States does not offer. If you or your business has a foreign account that had $10,000 or more at any point in a given year, you are required to file a Foreign Bank Account Report (FBAR). The failure to file an FBAR can create major problems for you or your business.
The United States government estimates that it loses more than $100 billion a year to overseas accounts. As a result, it is devoting increasing resources to make the use of foreign accounts less advantageous to businesses and individuals. If you have significant offshore assets and are concerned that you may not be in compliance with applicable federal laws, an experienced tax lawyer is vital. The attorneys of Greenspan & Greenspan have decades of legal experience and are fully versed in these intricate legal issues. Our law firm has locations in Boca Raton, Florida, and White Plains and New City, New York.
One possible option for businesses and individuals concerned about tax evasion or unreported income is a tax amnesty. The IRS currently has an amnesty program in place until August 31, 2011. This amnesty will allow those with undisclosed foreign accounts to escape criminal prosecution and certain civil penalties.
If You Have Offshore Bank Account Issues, Contact Greenspan & Greenspan
To learn more about whether an amnesty or other options will alleviate your tax concerns, call our office. With offices in both New York and Florida, our law firm is uniquely situated to deal with your foreign bank account reporting issues. Contact our law firm toll free at 888-895-8231.
