FBAR Requirement

Let Us Help you Solve - Your Offshore Bank Account Problems:

Do you have financial accounts, valued at $10,000 or more, outside of the United States? If so, you may be required to file a Report of Foreign Bank and Financial Accounts (FBAR) with the IRS. The failure to file the FBAR is a felony for each year that the FBAR is not timely filed. In addition, the failure to report income of foreign accounts can constitute the crime of tax evasion.

This includes offshore:

• Bank Accounts
• Hedge Funds/Mutual Funds
• Variable Life Insurance Policies/Variable Annuities
• Debit Card and Prepaid Credit Card Accounts

On February 8, 2011 the IRS announced its second voluntary disclosure program. This program is called "2011 Offshore Voluntary Disclosure Initiative (OVDI)" and ends August 31st 2011. This program lets those approved avoid criminal prosecution and gives some leniency in penalties.

What You Need to Do:

1. Determine if you have had any financial accounts, as listed above, in any of the past 8 years that you have not declared to the IRS.
2. Call us immediately at (212) 576 -1592 and have one our experienced CPA determine if you are eligible for the IRS Amnesty Program and guide you through the process.