Offshore Accounts and Foreign Bank Account Report (FBAR)
Miami Offshore Bank Accounts Lawyer
Florida Foreign Bank Account Report Attorney
When you have financial interest in or signature authority over an overseas or foreign bank account, such as a bank account, mutual fund, trust fund or brokerage account, the United States may require you to adhere to the stipulations of the Bank Secrecy Act and report the account on an annual basis to the IRS. There are certain forms and documents that need to be completed and provided, including the Report of Foreign Bank and Financial Accounts (FBAR), or Form TD F 90-22.1.
Our attorneys at Weisberg and Kainen P.L. are experienced tax lawyers who can take the time to explain all of your options regarding any foreign accounts. We are fluent in the language of the FBAR documents and other guidelines established by the IRS. Our firm strives to see that clients and their assets are protected while complying with the IRS requirements. Contact us today to further discuss your offshore account tax concerns.
Foreign financial institutions are not always subject to the equivalent reporting requirements as domestic financial institutions. This is why the FBAR is required. It is a tool that the U.S. government uses in order to identify individuals who may be using their foreign resources to avoid compliance with U.S. laws and tax regulations. These documents help investigators discover or trace funds that may be being used for illegal purposes or to ascertain unreported income banked or generated abroad. Of course, generally simply having a foreign bank account is not illegal if one complies with all reporting requirements.
Highly Publicized Offshore Matters
Recently, there has been much attention given to a number of cases, including the UBS bank case, which deals with the issue of offshore and foreign accounts. In the past, there have been a number of countries, such as Switzerland, Hong Kong and the Cayman Islands, that have been known to have strict banking policies and may have even been considered a "tax haven" for sheltering purposes. It is important to note that the United States is working with these countries to share account information and identify situations where an account holder or signatory may be attempting to avoid paying taxes. The IRS takes these cases very seriously and you may be facing criminal charges if there is enough suspicion and evidence against you. Our firm works aggressively and diligently to protect our clients' rights and to see that all offshore tax reporting is completed as thoroughly as possible.
Contact a Miami Offshore Bank Accounts Attorney
For additional information offshore accounts or tax issues, or to discuss your specific case and needs with an experienced tax lawyer, contact Weisberg and Kainen P.L. today and schedule an initial consultation.