FBAR, FinCEN And Issues Of Foreign Taxation
The United States is considered the only major country that taxes its citizens no matter where they live. This can sometimes create issues when it comes to foreign income and assets: making sure all required information is reported and documentation is filed properly to avoid unnecessary IRS penalties and making sure you are not in violation of the law.
At The Peck Group, LC, we can help citizens across the globe ensure that they are compliant with laws and regulations surrounding foreign income. From our Atlanta, Georgia, office, we can review your situation and documents and assist with any issues surrounding foreign income and assets. If you have questions about compliance or know that there is an issue, contact our office to speak with a qualified tax attorney.
Providing Smart, Current FBAR Guidance
Generally, any U.S. citizen who has a financial interest in an overseas account (or signature authority over it) that exceeds $10,000, is required to file a Financial Crimes Enforcement Network (FinCEN) 114, Report of Foreign Bank and Financial Accounts (FBAR).
In an electronic banking age, the U.S. Department of Treasury has significant information about and access to foreign accounts. Even an accidental omission of disclosure can result in punitive damages, while more severe cases can even result in jail time.
What Are The Filing Requirements?
Who has to file an FBAR? What if you only have signing authority over the account? If you have power of attorney over the account, do you have a requirement to file?
While these questions may seem simple, the answers are not. For example, some foreign accounts jointly owned by spouses may be exempt. These situations are dependent on your circumstances and should be reviewed by a lawyer.
Our firm can review your paperwork and situation, assist you with filing a Financial Crimes Enforcement Network (FinCEN) 114 and a Report of Foreign Bank and Financial Accounts (FBAR), and work with you so that you are compliant and not unduly punished for what may be an innocent oversight. We can provide insight and guidance as to the many options to reduce your exposure to criminal liability and/or substantial civil penalties.
Simplifying The Process. Schedule A Consultation Today.
Our lawyers can help you understand the facts as they relate to your foreign assets. Schedule a free, half-hour consultation at our Atlanta office or over the phone: Contact us online or call 770-884-6914.