Washington DC International Tax, FBAR Reporting, & Voluntary Disclosure Lawyer

IRS Offshore Voluntary Disclosure Attorney, OVDP, Streamlined, FATCA Compliance, OFAC Attorneys

Taxpayers who have non-compliant foreign accounts and unreported foreign income can still apply for "tax amnesty" through the IRS Offshore Voluntary Disclosure Program ("OVDP"). Taxpayers may also be eligible for other programs such as the Streamlined Offshore Procedures and the Delinquent Filing Submission Procedures. Thousands of taxpayers have already taken advantage of the program and have come into compliance with their foreign accounts. In recent years, FBAR reporting has become one of the largest IRS initiatives. All signs are that FBAR enforcement is getting more frequent and the penalties more harsh. Financial institutions are preparing to implement the reporting and withholding regime established by the Foreign Account Tax Compliance Act ("FATCA"). FATCA will require financial institutions to collect information on the beneficial owners of accounts and will also require these financial intuitions to withhold U.S. taxes on earnings from selected accounts. Due to these new regulations, the next phase in international tax enforcement is likely to obtain significantly increased global cooperation.

We can assist with Foreign Bank Account Issues, get you in compliance with your FBAR filing obligations, and minimize the chance of any criminal investigation or imposition of severe civil penalties. It is important that you hire an experience tax attorney to navigate the complex rules, to protect you from criminal prosecution, and to minimize the financial impact of paying penalties and taxes.

The Bank Secrecy Act requires that a FINCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), be filed if the aggregate balances of all foreign accounts exceed $10,000 at any time during the year. The FBAR covers a calendar year and must be filed no later than June 30th of the following year and includes any interest a U.S. person has in a foreign financial account.

Our firm also assists in responses to inquires from the Office of Foreign Asset Control (OFAC) and matters involving Specially Designated Nationals (SDN).

Our Experience Includes:

1) Passive Foreign Investment Company "PFIC" Reporting (Form 8621)

a) Section 1291

b) Mark-to-Market

c) Qualified Electing Fund (QEF) Election

2) Statement of Specified Foreign Financial Assets (Form 8938)

3) U.S. Information Return for Beneficiaries of Certain Canadian Registered Retirement Plans (Form 8891)

4) Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts (Form 3520)

5) Information Return of U.S. Persons With Respect To Certain Foreign Corporations (Form 5471)

6) International Boycott Report, (Form 5713)

7) Information Return of a 25% Foreign-Owned U.S. Corporation (Form 5472)

As recent international controversies with overseas accounts have shown, the U.S. government's taxation powers have grown far beyond our country's borders.   Frost & Associates, Attorneys at Law, serves a diverse taxation law clientele in Washington, DC, Maryland and Northern Virginia, and those with corporate interests in other countries. You can depend on our experienced law firm to protect your rights during any IRS tax litigation that could arise.


Every Tax Problem Has a Solution — Contact Frost & Associates to Find Yours

Your initial consultation with Washington, DC, international tax attorney Glen Frost is free of charge. Contact us. Call Frost & Associates at 202-618-1873 to secure your complimentary consultation.