Category Archives: FBAR Defense

In a recent Wall Street Journal article, titled “Sacre-Bleu! The Foreign Account Penalty“, taxpayers are warned against non-compliance with FBAR restrictions. According to thearticle, “FBAR penalties are among the most severe in the tax system: $100,000, or half the value of the account, per year, for willful failure to file.”

We saw this last year with the bust of UBS and the thousands of taxpayers who owed unpaid back taxes hidden in Swiss bank accounts. They all paid their dues–in the form of heavy IRS penalties.

For many of consumers, compliance may be stagnated by their general lack of knowledge or understanding of FBAR requirements. In this case, I strongly recommend you hire a professional offshore tax evasion defense attorney to help you negotiate with the IRS for a penalty abatement.

If you still have not yet disclosed your foreign bank account to the IRS, now is the time to take advantage of the voluntary disclosure program that is due to expire in August 2011. But act now! This is only the second time the IRS has offered this program and it does not promise to offer it again next year. So take advantage of this opportunity while you still have it!

Tax Resolution Services is a team of expert tax attorneys, CPAs,and Certified Tax Resolution Specialists. We’re here to help you with your IRS tax problems. Give us a call today at (888) 699-7630 for a free tax relief consultation or visit www.TaxResolution.com.

Related posts:

1. Tax Help For Offshore Tax Evasion: First 500 of 2,450 Names on “Swiss Cheese List” Revealed to IRS
2. Tax Help Options For Overseas Tax Evasion as UBS Pushes For Swiss-US Deal
3. IRS Relief News: 5 More Charged For UBS Tax Evasion

The good old days of “safe tax havens” are over.

For those of you who have foreign funds, I strongly encourage you to read the WSJ article to learn more about FBAR compliance.

Failure of complying with FBAR regulations may yield more severe penalties than not complying with regular tax returns. Don’t throw your money away at the IRS in the form of penalties, guard them by being proactive about your foreign bank account compliance!

So even though the tax deadline has come and passed, if you’ve got a foreign bank account that has held more than $10,000 at any given time last year, you will need to notify the IRS about it. Otherwise, if they find you first without your voluntary disclosure, that could lead to severe penalties and even jail time.

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