Our international tax attorneys have repeatedly cautioned taxpayers about the legal and financial perils of failing to report foreign bank accounts by failing to file an FBAR…and/or failing to satisfy other offshore income tax and foreign information reporting requirements.
IRVINE, Calif. (PRWEB) December 09, 2019
David W. Klasing, a California tax lawyer and CPA is warning American citizens with offshore foreign bank accounts, especially those located in Israel, that United States courts are siding with the IRS and penalizing those who conceal their bank accounts in foreign countries.
For example, a California woman was recently assessed a fine of $800,000 for deemed intentional noncompliance with rules and regulations and failing to report foreign investments. Klasing recommends that those with accounts overseas should consult a FATCA (Foreign Account Tax Compliance Act) lawyer with specialized knowledge in this field, as well as acting before the IRS launches a criminal tax investigation or audit.
The increased wave of enforcement has been due to an agreement made between Israel and five dozen other nations. Although Israel and the United States have had agreements dating back to 2014, the 2019 enforcement is a result of increased scrutiny by the IRS. The Tax Law Offices of David W. Klasing can serve California clients across the state, with offices in thirteen cities in both Northern and Southern California. Their experienced international tax lawyers and CPAs will be able to assist individuals with foreign bank accounts to ensure they are able to maintain or re-enter into proper U.S. income tax and offshore information reporting compliance.
“If you are a U.S. citizen, dual citizen, U.S. resident, or nonresident with unreported bank accounts or securities in Israel, you should talk to an experienced tax lawyer about your reporting responsibilities – and how, if necessary, to correct past errors,” Mr. Klasing noted in his blog post. “Our international tax attorneys have repeatedly cautioned taxpayers about the legal and financial perils of failing to report foreign bank accounts by failing to file an FBAR…and/or failing to satisfy other offshore income tax and foreign information reporting requirements.”
Klasing also noted that technological advancements have made it easier for the IRS to identify and prosecute noncompliant individuals and that it is virtually guaranteed that a noncompliant individual will risk being investigated for failing to adhere to the law. Penalties can range from fines to time in federal prisons because those who conceal their foreign accounts and evade the associated income tax ramifications are taken very seriously by the US government and courts.
FBAR rules require Americans to disclose existence of an interest or signatory authority in a foreign financial account if the balance of such account is in excess of $10,000 at any point during the year. Anyone who might be concerned about their compliance is encouraged to reach out to the Tax Law Offices of David W. Klasing: https://klasing-associates.com/fbar/.
About Tax Law Offices of David W. Klasing:
Based in Southern California, the Tax Law Offices of David W. Klasing serve as a boutique tax, estate planning, and business law firm offering the services of a tax attorney and a CPA for the price of one. Licensed as a lawyer in California and certified in public accounting, the firm provides businesses and individuals the help they need to navigate tax issues, while also offering accounting, tax compliance and planning services. To learn more about the Tax Law Offices of David W. Klasing, visit https://klasing-associates.com.