Coral Springs Foreign Bank Account Reporting Lawyers
The dream of becoming a permanent resident or a U.S. citizen rests deep in the hearts of many immigrants. Others in America dream about becoming an ex-pat in a foreign country. Both of these dreams come with responsibilities. One of them is reporting foreign bank accounts to the U.S. government. Forgetting to report your foreign holdings to the government can result in your dream crashing down around your ears, and possibly hearing the crash of a jail door closing behind you.
Who Needs To Fill Out a FBAR Statement?
If you have a foreign bank account and it has $10,000 at any point during the year, you are required to file an FBAR statement with the IRS. This is a mandatory requirement and must be filed by the end of June every year. The FBAR statement is a document declaring your foreign bank accounts and information about them. If you don’t file this form, you will face huge fines and potential jail time.
The reason for such stringent requirements is FACTA, the Foreign Account Tax Compliance Act. People sometimes use off-shore accounts as a way to hide money, as was demonstrated by the Panama Papers scandal. The usage of off-shore accounts to pay less tax is one reason why the government is cracking down so hard on people who use offshore accounts to hold significant amounts of money. If you have more than $50,000 if you’re an immigrant, $200,000 if you’re an ex-pat, in a foreign account you will need to file additional paperwork on top of the FBAR statement to remain in compliance and avoid criminal prosecution.
What If I Forget To File Foreign Taxes? Are There Relief Programs?
Fortunately, if you do forget because of unfamiliarity with the requirements there are programs that you can enroll in to get your taxes back on track. If you haven’t filed your forms or paid enough taxes from your foreign accounts, we can evaluate if you qualify for these programs and get you enrolled. The purpose of these programs isn’t to catch the small-time retiree living the rest of their life in a foreign country. It’s to prevent people from smuggling money for illicit purposes outside of the U.S. or to use foreign accounts to evade paying taxes. Sadly, that means that everyone who has a foreign account has to get checked. We can assist you in filling out your yearly foreign bank account reports so you never have to worry about receiving a $10,000 fine (minimum) and potential jail time.
Call An Experienced FBAR Attorney For Help
A simple bit of paperwork once or twice a year can save your fortune and your freedom. Never forget to file your FBAR every June and your Form 8938 when you file your taxes if you are required to do so. If you need assistance or if you have forgotten to file, don’t hesitate to call Zuckerman Law. We have helped many South Florida immigrants from Coral Springs to the heart of Miami stay compliant with this important requirement. You can call our Fort Lauderdale offices to make an appointment or use the Contact Us page to fill out our intake form. We look forward to assisting you.