Month: March 2015

Vital Information On FBAR Voluntary Disclosure Amnesty

People who have accounts in banks across the borders are always at crossroads when it comes to disclosing their account information. The FBAR voluntary disclosure amnesty can help minimize the risk that comes in the forms of penalties and prosecutions for no reporting funds in foreign locations. This is where an international tax professional can help. Also, remember that the IRS change the tax laws often confusing even a professional at work and what can you expect of a common man. Even a seasoned taxpayer requires professional assistance for simple tax procedures. The case of a taxpayer disclosing income in foreign accounts needs professional help.

While deciding on a tax lawyer for voluntary disclosure it is important to find out if they have relevant track record in handling similar cases. A tax company that has successfully negotiated voluntary disclosure deal should be the first choice. These professionals keep abreast of all the changes and guide the taxpayers in the right direction protecting them from the harms of prosecutions. The biggest problem is that IRS has increased the scrutiny while dealing with foreign accounts and assets. This means there are a lot of forms to be handled including Form 5471, Form 3250, Form 8939 and more.

The paperwork could be tedious and is best left to be handled by professional tax attorney. They can help address even past delinquencies. Even taxpayers who have not disclosed their previous accounts and assets can approach a reliable tax lawyer and get things sorted out with the IRS. There are special voluntary disclosure programs that can help expedite the process without causing any harm to you or your business. There are many programs streamlined for both local and non-resident US taxpayers. Ensure your tax lawyer is capable of handling complicated issues.

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