Any time an individual has a financial interest in a foreign financial institution or bank account, brokerage account or other type of account they may be required to report to the IRS on an annual basis.
This is mostly due to something known as the Bank Secrecy Act. This is intended to ensure that tax evasion related to overseas accounts is avoided.
Something known as the Report of Foreign Bank And Financial accounts or FBAR is intended to make certain that foreign financial institutions meet the same reporting requirements as domestic financial institutions when applicable.
Atlanta IRS Tax Help For Individuals And Businesses
The FBAR is designed and intended to assist the US government in identifying individuals who may be leveraging foreign financial accounts as a way to get around paying US taxes.
FBAR is often used as a tool to help the US government target individuals who may be using foreign financial accounts as a way to totally avoid paying US taxes.
The system is effective at identifying and tracing funds that are frequently used for illicit purposes. It is also effective at identifying income that has gone unreported whether it is generated abroad or simply maintained in a foreign account.
Atlanta Tax Attorney
Working with Atlanta tax help professionals is the best way to know what the requirements are with regard to reporting financial income earned abroad.
Even maintaining foreign accounts requires working with Atlanta IRS attorney to ensure that all requirements are complied with regarding FBAR. Seeking professional legal advice regarding overseas income or overseas bank accounts is always strongly recommended.
Most recently, the IRS has instituted a voluntary disclosure program as a way to avert offshore tax evasion and to help individuals and businesses move into tax compliance.
IRS Tax Help In Atlanta That Gets Results
Most recently, the Internal Revenue Service has increased its enforcement of dealing with offshore tax evasion and even increased criminal prosecution when it comes to maintaining offshore accounts for the purpose of tax evasion.
Whether it is identity theft, tax fraud or non-filing or noncompliance, having the guidance, help and assistance of an IRS tax lawyer in Atlanta is always essential and highly beneficial.
Those who discover that they are the “target” of a criminal tax investigation should contact an Atlanta IRS tax attorney as quickly as possible. A lawyer with years of experience in working with the IRS and FBAR related issues helps guide individuals and businesses in making more informed choices and decisions when interacting with the Internal Revenue Service.
Choosing to take a professional, ethical and practical approach to dealing with the IRS by having an Atlanta IRS lawyer in your corner is typically the best option.
Contact The Gartzman Law Firm, P.C. an Atlanta, Georgia tax lawyer today for access to experienced and dedicated tax help and assistance.