Our FBAR lawyers can advise you on all aspects of making a voluntary disclosure, filing an FBAR and getting into FBAR compliance
Our team has direct experience with the legal department of the IRS
We have the structure and network to maintain our global reach that spans across multiple countries
FBAR LAWYERS IN ILLINOIS
IRS Voluntary Disclosure
The most effective and safest way to get into compliance with FBAR regulations is to follow the guidelines of an IRS voluntary disclosure program for offshore assets. With the recent changes in IRS rules regarding FBAR filings, minimized penalties are available to taxpayers who voluntarily come forward with information about their overseas accounts.
With all of the changes in FBAR filing requirements, it is easy to get lost in the shuffle. The FBAR lawyers at Gordon Law Group can help you get organized and file everything you need, correctly and on time. While voluntary disclosure can seem complicated, but it is a much better option than facing extensive taxes and fees as well as possible criminal prosecution.
Avoid FBAR Penalties
Any U.S. person who meets the Substantial Presence test must file an FBAR statement for each year that the total value of all of his or her offshore accounts equals more than $10,000 or foreign tangible assets are held. FBAR filing requirements apply to owners, joint account holders and signatories on offshore assets. Failing to comply with FBAR filing requirements can result in substantial fines and penalties. A criminal conviction for FBAR violations can even mean jail time. At the Gordon Law Group, our attorneys can help ensure that your overseas accounts are brought into compliance with regulations so you avoid FBAR penalties.
Getting into Compliance with FBAR Regulations
If this is your first time filing an FBAR, it is highly recommended that you speak with an experienced FBAR attorney at the Gordon Law Group before submitting anything to the Internal Revenue Service. If you attempt to begin filing your FBARs without following the proper procedures, the IRS can impose stiff penalties and fines that can equal up to 100% of the value of your offshore assets.