You need someone to assist you whether or not you are interested in developing a plan for compliance or protecting your rights in an IRS litigation matter. The IRS closely watches matters associated with foreign bank account reporting compliance. If you have more than $10,000 in overseas investments or foreign bank accounts, you will need to file a specific form as part your taxes to report this. Taxpayers with allegedly unreported foreign income or foreign bank accounts may be able to participate in an offshore voluntary disclosure program.

These are amnesty terms that require that you ensure that all FBARS are filed, that you filed any amended and original tax returns for the past eight years, a report in any income from global sources, and pay any interests, back taxes, and penalties for as long as eight years. Major penalties of up to 27.5% will be assessed against your noncompliant off-shore accounts. Financial institutions are now mandated to comply with the terms of the foreign account tax compliance act. This requires financial institutions to collect details for account owners and to withhold taxes on selected account earnings. ‘An experienced Foreign Account Reporting Tax attorney can walk you through your options.