Failure to File FBAR
Failure to File FBAR: When a person has an FBAR filing requirement and they fail to file the form, they may be subject to fines and offshore penalties. The IRS has extensive latitude when it comes to penalty enforcement. Penalties for FBAR non-compliance may result in a warning letter in lieu of penalty, all the way up to willful 50% penalties on the unreported account maximum balance — and even criminal penalties (which are rare). If a U.S. Person has not filed the FBAR and has not yet been contacted by the IRS, they may want to consider getting into compliance with FBAR Amnesty, otherwise referred to as offshore voluntary disclosure or offshore tax amnesty.
What Happens with a Failure to File FBAR?
When a Taxpayer has not filed the FBAR, they are out-of-compliance. The goal of the Taxpayer is to get into compliance before it is too late.
A person cannot just go an file the past FBARs (or start filing forward).
These are considered FBAR Quiet Disclosures. Rather, the Taxpayer has to assess all the prior year compliance requirements and complete the portion before filing in the current year.
Already Been Penalized on Foreign Accounts?
If you have already been penalized on unreported foreign accounts, you have very limited options and are on under strict time requirements to respond to IRS assessment and enforcement notices.
Our FBAR Lawyers Represent Clients Worldwide
Our FBAR Lawyer team specializes exclusively in international tax, and specifically IRS offshore disclosure.
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 of 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
Sean M. Golding 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 Golding & Golding?
No matter where in the world you reside, our international tax team can get you IRS offshore compliant.
Golding & Golding specializes in FBAR and FATCA. Contact our firm today for assistance with getting compliant.