If you are a U.S. person or company that has financial interests in overseas accounts, then you are required to report the activities on an annual basis. The FBAR & Offshore disclosure laws are designed to catch people who are trying to hide foreign funds. These regulations have been changed and refined several times over the years. The new voluntary disclosure guidelines must be followed by companies and individuals, except for those who fall under the safety umbrella of an exemption.
Offshore disclosure can be difficult to fully understand. At the outset, it seems simple, as you just need to fill out the forms and include information about the money you have in these foreign accounts. However, there are a number of exemptions, some of which are covered under the FBAR regulations and others under the 2018 Combined Voluntary Disclosure Program. This isn’t a situation where you may want to visit your local Mom & Pop tax preparer in hopes that they will know exactly what do. Most tax preparers have zero experience in reporting foreign financial activities to the U.S. Government.
Since it’s crucial to follow these laws you will likely need the help of an expert tax professional. You don’t want to find yourself facing penalties for failing to disclose this type of information. The penalties may be civil monetary penalties and/or criminal penalties.
Our Attorneys and Accountants have years of experience in FBAR & Offshore disclosure services. If you are interested in knowing how we can assist you in reporting your foreign financial interest, give us a call at (800) 575-9284 for a free confidential consultation.