Your Dedicated Tax Advocate for Foreign Bank Account Matters
When the following exceed a certain threshold, they must be reported on a yearly basis Report of Foreign Bank and Financial Accounts (FBAR):
- Foreign bank accounts
- Brokerage accounts
- Mutual funds
- Other financial accounts
At Greenberg Bitton LLP, our attorneys are dedicated to helping people who need to file an FBAR and ensure they remain compliant with federal law. If you have signature authority or an interest in a foreign financial account, it’s critical that you annually disclose it to the IRS through an FBAR to avoid potentially severe consequences. All U.S. persons must file this document in accordance with the Bank Secrecy Act.
A “U.S.” person includes:
- U.S. citizens
- Lawful permanent residents (green card holders)
- Limited liability companies
- Trusts and estates
Greenberg Bitton LLP’s FBAR compliance attorneys in Beverly Hills have decades of experience assisting clients through their tax problems every step of the way. When it comes to complying with federal law, we’re no strangers to having a keen eye for details and knowing what might raise flags with the government. Our work is careful and meticulous – having Greenberg Bitton LLP handle your FBAR compliance matters means benefitting from our attention to the details and dedication to your situation.
Do You Need an FBAR Compliance Attorney in Beverly Hills?
A U.S. person must comply with FBAR filing requirements if they have a financial interest or signature authority over any kind of offshore financial accounts whose combined value exceeds $10,000 at any time during the calendar year.
While the notion of “offshore accounts” conjures the notion of tax evasion in the public’s imagination, it’s legal to store funds in foreign accounts as long as you comply with federal reporting guidelines. Many people and entities have legitimate uses for these accounts, such as ease of access and convenience when they need to conduct transactions.
Despite this, neglecting to report your foreign accounts will raise federal eyebrows. Greenberg Bitton LLP can help you comply with U.S. laws governing how you disclose these assets so you can rest easier knowing you’ll be safer from incurring civil or even criminal penalties.
Compliance Requirement for Foreign Accounts & Trusts
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, the Bank Secrecy Act may require you to report the account each year to the Internal Revenue Service by filing FinCEN Form 114 (formerly TD F 90-22.1), Report of Foreign Bank and Financial Accounts (FBAR).
FBAR Non-Compliance Violations
If you don’t make sure you’re compliant with FBAR regulations, you can face hefty fines and even years of prison depending upon various factors. Violations due to negligence – likely a scenario where you simply forgot or didn’t know about reporting your accounts – is punishable by up to $500 in fines. If that doesn’t sound as serious as you thought, that’s only where penalties begin. Developing a pattern of negligence regarding this matter can cost you $50,000 and mistakes on your FBAR filings (non-willful violations) can cost you up to $10,000 each.
If the government believes you are willfully failing to file your FBAR, you can owe up to $100,000 or half of your accounts’ value in civil penalties or up to $250,000 in criminal penalties and five years in prison. When you willfully fail to file while violating certain other laws, you may be imprisoned for up to 10 years and face $500,000 in fines.
All of this means you should seek the assistance of an FBAR compliance attorney in Beverly Hills who can help you avoid penalties and other unintended consequences.
Reach out to Greenberg Bitton LLP for Assistance
Ensuring your FBAR filing complies with federal laws and regulations is critical to the security of your assets and freedom. Our attorneys appreciate how important this matter is to our clients and work hard to help them achieve their goals with confidence.
Our experience in all areas of tax law makes us distinctively qualified to be your go-to law firm not just for FBAR compliance matters, but other common matters such as audits, income tax filings, payroll taxes, and tax relief measures such as offers in compromise.
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Effective representation and communication are improbable when overburdened with clients. Calls go unanswered and unreturned, and clients end up feeling frustrated and abandoned. Our firm never overloads our attorneys. Our clients deserve excellent representation and consistent communication.
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Our firm will give you an honest assessment of your legal needs. Our approach is to help educate potential clients so that they can resolve simple matters on their own. If your matter can be resolved with one phone call, we will tell you.
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We believe in transparent pricing and aim to provide legal representation for a competitive, fixed fee whenever feasible. Call us today for a proposal regarding your legal matter.
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Our attorneys have extensive experience in their respective practices, and work together to bring our clients a comprehensive solution to their legal needs.
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