As a true citizen of the United States of America, if you have overseas financial accounts, it is your duty and responsibility to comply with all the rules and regulations of FBAR (Foreign Bank Account Report) filing set by the federal government of the nation. If you do not do so, the FBAR authority can penalize you, and it can be harsh for you.
Under the Bank Secrecy Act, you need to report certain foreign accounts to the Treasury Department of the US every year before or on the FBAR reporting deadline or extended deadline. However, you need to report your overseas financial accounts only if the aggregate amount of your all foreign financial accounts touch or cross the amount of $10,000 at any point of the preceding year. If you fail to report them, some serious actions can be taken against you by the FBAR regulatory authority. So, it is very important to report your foreign accounts to the Treasury Department by the deadline.
If You Fail to Report Them?
As we mentioned above, penalties are obvious if you fail to report your offshore accounts by the annual FBAR reporting deadline (i.e. 15th April) or extended deadline (i.e. 15th October). But apart from the penalties, you may be charged under a criminal case or sued by the FBAR regulatory authority of the US. And to avoid and handle criminal charges can be very difficult for you. Here you need professional assistance and guidance from a certified FBAR tax lawyer.
Approach A Certified FBAR Tax Lawyer
Whenever you find yourself in deep trouble due to not reporting your overseas accounts by the due date, without making any delay approach a trusted certified FBAR tax lawyer. He/she is the person who can guide and assist you in boldly facing your case and come out as a winner.
Basically, FBAR lawyers are tax lawyers who practice tax law and have enough knowledge and understanding of different tax and FBAR related matters. Generally, they are law graduated and have passed their state bar examination. They have relevant skills and several years of experience in their field.
They know how to deal with different tax and FBAR matters with the Internal Revenue Service as they know how to interpret the law in their clients’ favor while abided by the law at the same time. So, they are really reliable.
To approach a trusted and certified tax lawyer, of course, you will have to do a lot of research. If you surf the internet to find a trusted FBAR lawyer near your locality, you will find many options. And so, it will be quite difficult to choose one out of several options. To choose the most appropriate FBAR lawyer to handle your case, you will need to compare all the available options to each other. Doing so will certainly help you choose the best and most trusted FBAR tax lawyer who can help you resolve your matter.