Offshore Bank Accounts
New York Offshore Account Lawyers Experienced in FATCA and FBAR Compliance
Individuals, partnerships and businesses that have offshore accounts owe additional reporting obligations to the federal government. Beyond reporting their income (including their foreign-source income) to the Internal Revenue Service (IRS), taxpayers with offshore accounts must also report their foreign holdings annually.
Failure to do so can have serious consequences. While offshore bank account disclosure violations carry civil penalties in most cases, willful violations can trigger criminal investigations. As a result, compliance needs to be a priority. At Thorn Law Group, our New York offshore account lawyers assist taxpayers with compliance—and we also assist with addressing compliance violations when necessary.
Offshore Account Disclosures: FATCA and FBAR Compliance
Two federal statutes establish disclosure obligations for offshore bank account holders: the Foreign Account Tax Compliance Act (FATCA) and the Bank Secrecy Act (BSA). Taxpayers with qualifying accounts must file Form 8938 with the IRS under FATCA, and they must file a Report of Foreign Bank and Financial Accounts (FBAR) with the Financial Crimes Enforcement Network (FinCEN) under the BSA. While the disclosure thresholds under FACTA and the BSA differ slightly, taxpayers will need to comply with both statutes on an annual basis in most cases.
But, determining what you need to disclose under FATCA and the BSA can be challenging, and even inadvertent errors can lead to significant penalties. As a result, special care is required. Our New York offshore account lawyers can help you understand your obligations, comply with the law, and prepare to demonstrate compliance to the IRS if necessary.
Remedying Offshore Account Disclosure Violations
If you are behind on your offshore account disclosure obligations, you will want to come into compliance as quickly as possible—ideally before your violation triggers an audit or investigation. In most cases, there will be three main options available:
- File a delinquent FBAR and/or Form 8938
- Submit a streamlined filing to the IRS
- Submit a voluntary disclosure to IRS Criminal Investigation (IRS CI)
Our New York offshore account lawyers can help you determine which option is best under the circumstances at hand and assist with making the appropriate filing(s). In this scenario, time can be of the essence, so we strongly recommend that you speak with a lawyer as soon as possible.
Defending Against IRS Tax Audits and Criminal Tax Investigations
If it is too late to remedy your offshore account disclosure proactively, our lawyers can defend you during your IRS tax audit or IRS CI investigation. We have extensive experience handling these high-stakes matters, and we can work with the IRS or IRS CI on your behalf to secure a favorable resolution as efficiently as possible.
Contact Our New York Offshore Account Lawyers in Confidence
If you have questions about offshore bank account disclosure compliance, if you need to come into compliance, or if you are facing an audit or investigation, our team is here to help. To speak with a New York offshore account lawyer in confidence, call (914) 534-6004 or request an appointment online now.
