Reporting Foreign Bank Accounts

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There is nothing wrong with asking for a little IRS back tax help. If you have to report foreign bank accounts or happen to be a US citizen living overseas, you must file US tax returns. Unfortunately, doing so is highly technical and complex for most IRS tax attorneys and CPAs. Fortunately, TAX REP PROS LLC is here to help with back taxes.

The good news is that TAX REP PROS LLC , has provided this service to hundreds of taxpayers who possess overseas accounts and tax returns. In other words, we know exactly what to do and can complete the task in just days.

Our vast IRS inside knowledge has allowed us to take the lead in resolutions for overseas accounts. We never back down to the IRS’s intimidating tactics. None of our clients have ever been criminally charged.

If you are a US citizen and have ever had more than $10,000 total at any one time in one or more foreign banks or financial institutions, you have a requirement to report it to the Financial Crimes Enforcement Network (FinCEN). Failure to do so on your US tax return can result in severe penalties and/or criminal prosecution.

The IRS created an amnesty program for voluntary compliance called the Offshore Voluntary Disclosure Program (OVDP). The OVDP allows taxpayers to voluntarily file past due FBARs and file or amend their tax returns to report the income from these accounts. They have modified the program and extended the deadlines several times.

In 2010, Congress passed the Foreign Account Tax Compliance Act (part of the HIRE Act of 2010). It requires foreign financial institutions to reveal US taxpayers’ assets to the IRS or face stiff penalties. As a result of FATCA, banks worldwide are now cooperating and going through their accounts to see if depositors have US connections. Should the IRS discover that you have or had foreign financial accounts subject to the reporting requirements and decide to audit you, it will be too late to find cover under the voluntary program. You will be subject to maximum penalties and criminal prosecution.