Cleveland, Ohio
600 Superior Ave. East
Fifth Third Building, Suite 1300
Cleveland, Ohio 44114
Phone: 216-912-2220
Toll-Free: 866-236-4TAX
Email: info@freemantaxlaw.com
International Banking Lawyer Serving Cleveland and Ohio
Assisting Individuals and Corporations with International Tax Concerns
Over the past decade, offshore banking secrecy laws regarding individuals' disclosure of their offshore accounts have changed significantly. Previously, U.S. citizens and residents with foreign bank accounts could rely on bank secrecy laws to avoid providing account information to the IRS. Recently, however, the IRS acquired additional powers to request the disclosure of international bank accounts of U.S. citizens. In 2009, Switzerland-based UBS AG was compelled to reveal data on thousands of accounts held by U.S. citizens and residents. The IRS has recently issued John Doe summonses to banks in India for them to disclose accounts held by U.S. citizens and residents.
U.S. citizens are taxed on their worldwide income. If you have offshore financial accounts and want to protect yourself from possible penalties and even criminal prosecution, contact the Law Offices of Jeffrey S. Freeman now.
International Tax Matters
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). There are stringent IRS penalties for failing to disclose such accounts. The IRS has re-enacted its "voluntary disclosure program", also known as the Offshore Voluntary Disclosure Initiative (OVDI), to allow U.S. citizens and residents to avoid criminal prosecution and disclose these accounts with significantly reduced penalties. The program has a deadline of August 31, 2011, so act today.
In order to protect your finances and prevent future criminal accusations, it is imperative that you enlist a tax attorney who is experienced and knowledgeable on international tax matters. Offshore banking and FBAR lawyer Jeffrey S. Freeman started his legal career with a leading international tax firm. Today, he and his team routinely handle complex international tax matters on behalf of taxpayers across the United States. Our firm is comprised of attorneys with the knowledge and commitment to help you handle your tax challenges and plan for your future. Therefore, if you have not disclosed the existence of an offshore account to the U.S. government, please contact us now.
Focused on IRS Negotiations and Effective Protection of Your Interests
Mr. Freeman and his accomplished team will investigate and assess your circumstances and look to take action targeting:
- Proper filings of required Report of Foreign Bank and Financial Accounts (FBAR) documents
- Pursuit of any available strategies for resolving your tax debt
- Limitation or removal of extremely harsh penalties
- Negotiations to have your tax case handled as a civil matter rather than a criminal investigation for offenses such as tax fraud or tax evasion
IRS Compliance with Offshore Accounts
Our law firm represents clients throughout the United States with foreign financial interests. Our efforts have helped our clients to return to compliance with the federal reporting requirements for offshore bank accounts, while at the same time avoiding criminal prosecution and minimizing penalties. We routinely counsel clients in situations such as:
- Tax audits or other investigations that reveal offshore income that has not been reported on tax returns
- Discoveries of one or more offshore accounts that were held but not disclosed by family members who have now passed away
- Accounts maintained by people living and working abroad who are or later became U.S. citizens
- Accounts maintained by U.S. citizens under the mistaken assumption that offshore accounts could serve as a legal tax avoidance measure
We maintain a meeting location in Cleveland for clients in Ohio, have offices in other major metropolitan areas such as Los Angeles, New York, Miami, Chicago, Cleveland and Greenwich as well as our home office in southeast Michigan. If you have an offshore bank account and have reason to believe that the IRS will take action against you, contact us now. From our office in Cleveland, we represent individuals and businesses across Ohio in places such as Dayton, Cincinnati, Columbus, Chagrin Falls, Cuyahoga County and Hamilton County.
