Foreign Income Reporting

FBAR-Foreign Disclosure

FBAR-Foreign Disclosure

by admin

Citizens or Residents of the United States or even a domestic corporation, partnership or Limited Liability Company (LLC) with a financial interest in a financial account outside the US that exceeds $10,000 (USD) are required to file reports to the IRS commonly known as FBAR.   Failing to properly comply with these and other similar requirements have very serious consequences of extremely high penalties, interest and even criminal prosecution.  The civil penalties are for non-willful and willful violations and/or negligence and can lead to losing your hard earned money. Most people in this situation do not fit the criminal profile, but the IRS will take those funds anyways.  In addition to the civil penalties, the Criminal penalties may include Imprisonment and are serious.  The IRS is not backing down on these areas, but at Tax Law Center we have the experience in FBAR matters and welcome the opportunity to help you and protect your interests.

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