We know exactly how you must be feeling. You perhaps just discovered about this IRS FBAR form and your surprise is well-justified: The United States of America stands out as the only country that tax its people for their world-wide income. Even worse, the IRS provides no exceptions for expatriates, dual citizens, resident aliens, and H-1B VISA holders. As a matter of fact, the only other nation that taxes income in the same way is North Korea!
So if you're new, or not so new, to the United States, your failure to file FBARs and report your overseas income is completely understandable.
Complicated FBAR form
In our IRS FBAR blog site - which is actually read by thousands of tax payers and tax experts - we've written at length about how complex the FBAR guidelines are. Not only you are expected to be familiar with the IRS’ really weird taxation program, you're also expected to understand the requirements of the tricky IRS FBAR form. The FBAR format changes each and every year, and yet you're still expected to fully understand your obligations.
Even worse, it's hard to get someone qualified to assist you. We have seen a lot of tax payers who thought that they were completing it in the correct way and found out they weren’t.
It is not just the FBAR form all you have to worry about
Partnerships, Foreign Corporations, and Foreign Trusts all have got their FBAR equivalent forms with corresponding penalty charges. Forms that include Form 5471, Form 5472, Form 8891, and Form 3250 also have complex filing requirements and substantial penalties if it is not done properly.
FBAR is extremely specialized
This system is not really fair. You have to understand that. You also want an IRS FBAR lawyer, working with you, who knows precisely how you are feeling. You require a law firm that has successfully closed a lot of OVDP and other FBAR cases.
Regrettably, we have seen FBAR cases mishandled by lawyers and Certified Public Accountants who “dabbled” in FBAR problems. We are regularly called in to solve issues that never ever should have occurred. It is best, nevertheless, when an FBAR case is handled correctly in the first place.
Do you need a highly qualified FBAR Attorney?
At IRSMedic: We are a specialized tax resolution firm, having our very own dedicated off-shore disclosure and FBAR penalty department. Since the very first Offshore Voluntary Disclosure Initiative in the year 2009, our firm has helped several thousand American taxpayers deal with their un-filed FBARs, unfiled tax returns, unreported income and FBAR penalty abatement.
We have helped tax payers from all over the nation, with plenty of clients from Dallas, Houston, San Jose, San Francisco, Connecticut, Los Angeles, New Jersey, Atlanta, San Diego, Miami, Washington DC, and New York.
Our firm has helped expatriates and dual citizens with their US taxes from the United Kingdom, Belgium, Australia, New Zealand, France, Switzerland, Ireland Spain, Dubai, Iran, Germany, Italy, Brazil, Panama, Mexico, Argentina, India, Singapore, Canada, Hong Kong, China, Japan, South Korea and Thailand.
The excellent news: You can certainly put this behind you
Professional FBAR legal representation is actually difficult to find. We know you like to get the FBAR problems right behind you forever! You would like to move up with your life rather than carry on living in fear of what the Internal Revenue Service is planning to do. The great news is our firm has helped others in very similar scenarios and we could also help you personally.
