The laws and regulations relating to offshore bank accounts have changed drastically over the last decade. U.S. citizens and residents with foreign or offshore accounts, including mutual funds and brokerage accounts, valued at more than $10,000 must complete the Report of Foreign Bank and Financial Accounts (FBAR) by June 30th every year to remain in compliance with the U.S. tax law. As a result of these changes in the law, those individuals with offshore holdings that are not in compliance are increasingly at risk for IRS investigation and could be subject to severe civil and criminal penalties.
Recently, the Internal Revenue Service (IRS) has given taxpayers with unreported foreign accounts the opportunity to disclose the existence of these accounts. This program, officially known as the Offshore Voluntary Disclosure Initiative (OVDI), gives taxpayers with undisclosed income from offshore accounts the opportunity to get current on their tax compliance obligations without the risk of criminal prosecution. Compliance with OVDI can also reduce potential civil penalties, fines and interest.
If you have unreported offshore bank and financial accounts, a knowledgeable tax attorney can be your strongest asset. The Law Offices of Jeffrey S. Freeman offers knowledgeable legal representation to taxpayers seeking to comply with the OVDI. In addition to our home location in the Detroit area, we maintain offices in:
- Michigan
- Los Angeles, California
- San Francisco, California
- New York, New York
- Miami, Florida
- Chicago, Illinois
- Cleveland, Ohio
- Greenwich, Connecticut
Tax attorney, Jeffrey S. Freeman, Esq., started his legal career with a leading international tax firm and specializes in helping individual with offshore bank accounts that wish to come into compliance with their tax filing obligations and avoid problems with the IRS. Today, he and his team regularly represent taxpayers across the United States with complex international tax . We are adept at helping our clients return to compliance with the federal reporting requirements for offshore bank accounts, while at the same time avoiding criminal prosecution and minimizing their penalties.
The OVDI ends on August 31, 2011. It is important to contact our law firm immediately to take advantage of the program. Contact us today.
