Estate & FBAR Filing
Estate FBAR Filing: After a person passes away, the last thing on anyone’s mind (other than the family tax attorney) is how to properly report the decedent’s information to the IRS. Even further from anyone’s mind are any concerns about foreign accounts compliance. Unfortunately, the IRS has significantly increased the enforcement of estate FBAR filing and penalties. And, since there are (relatively) strict timelines for reporting, non-compliance can be costly.
Once a person passes away, there are generally three (3) main Estate FBAR concerns:
- filing the decedent’s prior tax returns if they did not disclose foreign accounts;
- filing the decedent’s last tax returns (especially if they were non-compliant in prior years); and/or
- the decedent’s Estate FBAR filing requirements
The failure to report the FBAR for estates may result in fines and penalties.
We will summarize estate FBAR filing below.
IRS Estate FBAR Filing Requirement
The IRS requires many different U.S. persons to file an annual FBAR.
FBAR is not limited only to individuals only.
As provided by the IRS:
“Who Must File the FBAR?
A United States person must file an FBAR if that person has a financial interest in or signature authority over any financial account(s) outside of the United States and the aggregate maximum value of the account(s) exceeds $10,000 at any time during the calendar year.
Who is a United States Person? A “United States person” means:
• A citizen or resident of the United States;
• An entity created or organized in the United States or under the laws of the United States. The term “entity”
• includes but is not limited to, a corporation, partnership, and limited liability company;
• A trust formed under the laws of the United States; or
• An estate formed under the laws of the United States.”
Are You Out of Compliance for Estate FBAR Filing?
The IRS has developed various voluntary disclosure “amnesty” programs to assist U.S. persons with getting into compliance and limiting — or even avoiding — FBAR violations.
We Specialize FBAR & FATCA Compliance
Our firm specializes exclusively in international tax, and specifically IRS offshore compliance.
We are the “go-to” firm for other Attorneys, CPAs, Enrolled Agents, Accountants, and Financial Professionals across the globe. Our attorneys have worked with thousands of clients on offshore disclosure matters, including FATCA & FBAR.
Each case is led by a Board-Certified Tax Law Specialist with 20-years experience, and the entire matter (tax and legal) is handled by our team, in-house.
*Please beware of copycat tax and law firms misleading the public about their credentials and experience.
Less than 1% of Tax Attorneys Nationwide Are Certified Specialists
Our lead attorney is one of less than 350 Attorneys (out of more than 200,000 practicing California Attorneys) to earn the Certified Tax Law Specialist credential. The credential is awarded to less than 1% of Attorneys.
Recent Case Highlights
- We represented a client in an 8-figure disclosure that spanned 7 countries.
- We represented a high-net-worth client to facilitate a complex expatriation with offshore disclosure.
- We represented an overseas family with bringing multiple businesses & personal investments into U.S. tax and offshore compliance.
- We took over a case from a small firm that unsuccessfully submitted multiple clients to IRS Offshore Disclosure.
- We successfully completed several recent disclosures for clients with assets ranging from $50,000 – $7,000,000+.
How to Hire Experienced Offshore Counsel?
Generally, experienced attorneys in this field will have the following credentials/experience:
- 20-years experience as a practicing attorney
- Extensive litigation, high-stakes audit and trial experience
- Board Certified Tax Law Specialist credential
- Master’s of Tax Law (LL.M.)
- Dually Licensed as an EA (Enrolled Agent) or CPA
Interested in Learning More about our Firm?
No matter where in the world you reside, our international tax team can get you IRS offshore compliant.
We specialize in FBAR and FATCA. Contact our firm today for assistance with getting compliant.