Birmingham, Michigan
2051 Villa Road, Suite 105
Birmingham, MI 48009
Phone: 248-203-9100
Toll-Free: 866-236-4TAX
Email: info@freemantaxlaw.com
Offshore Banking and FBAR Attorneys
In the past, U.S. citizens and residents with foreign bank accounts were able to rely on bank secrecy laws to avoid providing account information to the IRS. Over the past decade offshore banking secrecy laws have significantly changed regarding U.S. individuals disclosure of offshore accounts. The IRS has acquired increased powers to demand the disclosure of international bank accounts of U.S. citizens. In 2009, Switzerland-based UBS AG was compelled to disclose data on thousands of accounts held by U.S. citizens and residents. Recently, John Doe Summonses were sent to banks in India to go after bank account information for U.S. citizens and residents.
U.S. citizens and residents are taxed on their worldwide income. If you have offshore financial accounts and want to protect yourself from potential penalties and prosecution, please contact the Law Offices of Jeffrey S. Freeman now.
International Tax Matters
Not all tax lawyers are prepared to advise you on international tax matters. Michigan offshore banking attorney Jeffrey S. Freeman began his career with a leading international tax firm and since that time has been dealing with complex international tax matters. Our firm has the knowledge and commitment to help you handle current tax challenges, come into compliance, and plan for your future.
If you have an offshore account that has not been disclosed to the U.S. government, please contact us now. By law, anyone with interest in one or more foreign accounts, including brokerage accounts and mutual funds, with a value exceeding $10,000, must file a Report of Foreign Bank and Financial Accounts (FBAR). IRS penalties for failing to disclose such accounts are severe. The IRS has a "voluntary disclosure program", also known as the Offshore Voluntary Disclosure Initiative (OVDI), to enable taxpayers to disclose their financial accounts without criminal prosecution and with significantly reduced penalties. This program is only available until August 31st, 2011. To find out how we can help, contact our offices now.
Offshore Accounts and IRS FBAR Compliance
Our legal team has advised and represented many Michigan residents with foreign financial interests. We have developed a unique approach that has been successful in allowing our clients to come into compliance with the federal reporting requirements for offshore bank accounts, while at the same time avoiding criminal prosecution and minimizing their penalties. Situations such as:
- A tax audit or other investigation that exposes offshore income not reported on tax returns.
- Discoveries of one or more offshore accounts that were held but not disclosed by a family member who has recently passed away.
- Accounts maintained by people living and working abroad who are or later became U.S. citizens OR accounts maintained by U.S. citizens under the mistaken assumption that these accounts could serve as a legal tax avoidance measure.
We maintain meeting locations for clients in Los Angeles, San Francisco, New York, Miami, Chicago, Cleveland and Connecticut as well as our home office in southeast Michigan. We are conveniently located in Birmingham, Michigan and assist clients statewide. If you have an offshore bank account and feel that you may be at risk for IRS action, contact us now.
