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FBAR Lawyers – What is an FBAR Attorney & When do I Need One?

FBAR Lawyers - What is an FBAR Attorney & When do I Need One? (Golding & Golding - Board Certified)

FBAR Lawyers – What is an FBAR Attorney & When do I Need One? (Krantz Attorneys – Board Certified)

FBAR Lawyers – What is an FBAR Attorney & When do I Need One?

FBAR Lawyers: Krantz Attorneys’s team of FBAR Lawyers are led by a Board-Certified Tax Law Specialist. Our FBAR team represent clients across the nation and worldwide in over 70-countries, including: Los Angeles, San Francisco, San Jose, Houston, Chicago, Miami, Washington D.C., Michigan.

What is an FBAR Lawyer?

An FBAR Lawyer is a Lawyer who specializes in Foreign Bank and Financial Accoutn Reporting.

FBAR Lawyers do not typically handle routine FBAR Filing. Rather, they handle late and unfiled FBAR matters, in order to try and avoid the issuance of FBAR penalties.

Timely FBAR Filing & Reporting typically would not require a Lawyer — but sometimes it may benefit you.

What does FBAR Mean?

FBAR is an acronym for Foreign Bank Account Reporting, but it is an inaccurate acronym as far as current reporting standards go — and it gets many people (unnecessarily) confused, here’s why:

FBAR is an acronym for a FinCEN reporting form used to report many different types of foreign accounts — not just bank accounts.

  • Mutual Funds and ETFs
  • Investment Funds
  • Life Insurance
  • Pension and Retirement

When you see FBAR, you should think of it as “Foreign Bank and Financial Account Reporting.”

Analyzing Your FBAR Situation

Analyzing Your FBAR Situation

FBAR Attorneys & When You Need One

The following summary details when and why you need an FBAR Attorney.

A. You Filed the FBAR Timely, But…

But, maybe you forgot a few accounts or assets and are not sure, or did not also include them on the FATCA Form 8938, 3520, 8621, etc. — you may want to speak with an FBAR Attorney to discuss willful vs. non-willful, etc. but if there is no unreported income, you should be fine.

B. You Missed the FBAR Filing Deadline

The deadline for filing the FBAR is the date your taxes are due (usually April 15th), but is currently on automatic extension to October.

If you missed the FBAR Deadline, you may be subject to fines and penalties and will want to speak with an experienced FBAR Attorney.

What are the Penalties for Late Filing the FBAR?

What are the Penalties for Late Filing the FBAR?

C. You are Worried about FBAR Penalties

FBAR Penalties can be Civil or Criminal

They can then be broken down even further, but the threshold question, is whether the IRS will get you for Civil (money) or Criminal (money, and worse).

i. Civil FBAR Penalties

Civil FBAR Penalties are limited to monetary penalties. A civil FBAR Penalty is a penalty that is focused on monetary fines or warning letters (waivers) — without any risk of criminal investigation or prosecution.

A few important considerations:

– Most courts have held that the maximum annual FBAR willful penalty is not limited to $100,000.

– If the court believes you acted with Reckless Disregard, they can still penalize you full Willful FBAR Penalties.

– If the court believes you acted with Willful Blindness, they can still penalize you full Willful FBAR Penalties.

– Even in a non-willful setting, the court can issue $10,000 per account, per year penalty

ii. Criminal FBAR Penalties

Criminal FBAR Penalties may include monetary penalties and incarceration.

This is when the IRS refers the matter to the Department of Justice (DOJ) or other 3 letter government faction for criminal investigation and possible prosecution. These are not very common, but unfortunately they are on the rise.

Krantz Attorneys FBAR Lawyer Recent Case Highlights:

  • We represented a client in an 8-figure disclosure that spanned 7 countries.
  • We represented a high-net-worth client to facilitate a complex expatriation with offshore disclosure.
  • We represented an overseas family with bringing multiple businesses & personal investments into U.S. tax and offshore compliance.
  • We took over a case from a small firm that unsuccessfully submitted multiple clients to IRS Offshore Disclosure.
  • We successfully completed several recent disclosures for clients with assets ranging from $50,000 – $7,000,000+.
Golding & Golding (Board Ceritfied Specialist in Tax Law)

Krantz Attorneys (Board Certified Specialist in Tax)

Interested in FBAR Reporting Amnesty?

No matter where in the world you reside, our international tax team can get you IRS offshore compliant with all FBAR, FATCA and other foreign reporting and disclosure requirements.

Krantz Attorneys specializes in IRS offshore voluntary and streamlined disclosure procedures. Contact our firm today for assistance with getting compliant.

International Tax Lawyers - Krantz Attorneys, A PLC

International Tax Lawyers - Krantz Attorneys, A PLC

Krantz Attorneys: Our international tax lawyers practice exclusively in the area of IRS Offshore & Voluntary Disclosure. We represent clients in 70+ different countries. Managing Partner Ezra Krantz is a Board-Certified Tax Law Specialist Attorney (a designation earned by < 1% of attorneys nationwide.). He leads a full-service offshore disclosure & tax law firm. Ezra and his team have represented thousands of clients nationwide & worldwide in all aspects of IRS offshore & voluntary disclosure and compliance during his 20-year career as an Attorney.

Ezra holds a Master's in Tax Law from one of the top Tax LL.M. programs in the country at the University of Denver. He has also earned the prestigious IRS Enrolled Agent credential. Mr. Krantz's articles have been referenced in such publications as the Washington Post, Forbes, Nolo, and various Law Journals nationwide.
International Tax Lawyers - Krantz Attorneys, A PLC

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