IRS Foreign Bank Account Amnesty
Do you have money overseas in a known tax haven? Perhaps you believed that you were not required to report any income earned from these accounts. The IRS, however, has different ideas. In short, the IRS does not care where your money is located. If you or your company has overseas accounts, their existence must be reported. Any person with a financial interest or “signature authority” over a financial account in a foreign country must file a Report of Foreign Bank and Financial Accounts (FBAR), if the value of the accounts is greater than $10,000. Under these laws, “person” is defined liberally and can include a partnership or corporation.
The IRS Has Announced Another Amnesty
On February 8, 2011, the IRS announced an “Offshore Voluntary Disclosure Initiative” that runs through August 31, 2011. The IRS had previous tax amnesties for foreign accounts in previous years. If you have undisclosed foreign accounts, this opportunity will allow you to comply with federal law while avoiding the potential of criminal prosecution and certain civil penalties. Although the Offshore Voluntary Disclosure Initiative represents an opportunity to disclose offshore accounts, it is still important to consult with an experienced attorney as to the specifics of your situation.
The law firm of Greenspan & Greenspan, with offices in New York, represents businesses and individuals with substantial offshore holdings. If you or your company has reported the existence of substantial foreign bank accounts, our lawyers will advise you of the advantages and disadvantages of complying with the amnesty. Attorney Leon Greenspan has practiced law for more than 50 years and has represented businesses and individuals in a wide range of tax issues.
Discuss The IRS Foreign Bank Account Amnesty With Our Lawyers
If you have unreported income tax, or face the potential of serious civil penalties or worse, you need to discuss your situation with our lawyers immediately. Greenspan & Greenspan has offices in White Plains and New City, New York. Email.