- 1 We Can Help You.
- 2 What is an FBAR?
- 3 Who Has to File an FBAR?
- 4 What if I Never Filed an FBAR Before?
- 5 Are There Any Other Documents I Need to File?
- 6 How Do I Get into FBAR Compliance?
- 7 What Type of Attorney Should I Hire?
- 8 Sean M. Golding, JD, LL.M., EA (Board Certified Tax Law Specialist)
- 9 Beware of Copycat Law Firms
- 10 Reduced Fee Consultation
We Can Help You.
We are the only State Bar Board Certified Tax Law Firm that specializes exclusively in IRS Offshore Voluntary Disclosure!
If you have foreign bank accounts or other foreign financial accounts and have not reported the account information and/or income to the United States, you have every right to worry about FBAR penalties.
The U.S. government has made international tax compliance an enforcement priority. The U.S. government is authorized to issue high fines and penalties against individuals and businesses that are out of FBAR compliance.
What is an FBAR?
An FBAR is a Report of Foreign Bank and Financial Account Form aka FinCEN 114 (Financial Crimes Enforcement).
Who Has to File an FBAR?
An FBAR must be filed by any U.S. person (a United States Citizen, Legal Permanent Resident/Green Card Holder or U.S. Visa Holder who meets the Substantial Presence Test).
It also does not matter if the money belongs to you or if you are merely a joint account holder with a foreign non-US person who owns all of the money — you have to file the form if you are an owner, joint account holder, or signatory on the account.
What if I Never Filed an FBAR Before?
If you have never filed an FBAR, then it is important that you speak with an experienced FBAR lawyer before making any submission to the IRS. That is because there are extensive fines and penalties that the IRS can issue against a person who is out of compliance, and there are approved methods for getting back into compliance.
Important Note: Do NOT just start filing FBARs without educating yourself on the potential consequences. If you attempt to circumvent the proper procedures and make a quiet disclosure (aka just start filing FBARs), it may result in significantly higher fines and penalties reaching 100% of the value of your foreign accounts.
Are There Any Other Documents I Need to File?
While the FBAR may be the most well-known form for reporting foreign accounts, there are several other forms you may have to file as well depending on what types of assets or investments you have overseas, including:
- FATCA Form 8938
- Foreign Gift 3520
- Foreign Trust 3520-A
- Foreign Business 5471
- Foreign Partnership 8865
- Passive Foreign Investment Company 8621
How Do I Get into FBAR Compliance?
The safest and most effective method of getting into compliance is by submitting to one of the IRS offshore voluntary disclosure programs.
At Golding & Golding, we represent hundreds of taxpayers each year in over 65 different countries and we limit our entire practice to IRS offshore voluntary disclosure.
Email us to schedule a Reduced Fee Telephone Consultation to speak with an attorney.
What Type of Attorney Should I Hire?
IRS Voluntary Disclosure is a specialized area of law. An IRS Voluntary Disclosure is a complex undertaking. It requires the coordination of several moving parts, including strategy development, Tax Preparation, Legal Analysis, Negotiation and more.
You should hire a Tax Attorney who has the following credentials:
- ~20 Years of Private Practice experience representing his/her own clients
- Experienced in Criminal and Civil Tax Litigation
- Experienced representing clients in Eggshell and Reverse Eggshell Audits
- Advanced Tax Degree (LL.M.)
- EA (Enrolled Agent) or CPA (Certified Public Accountant)
- Preferably a Board Certified Tax Law Specialist
Sean M. Golding, JD, LL.M., EA (Board Certified Tax Law Specialist)
Our Managing Partner, Sean M. Golding, JD, LLM, EA earned an LL.M. (Master’s in Tax Law) from the University of Denver and is also an Enrolled Agent (the highest credential awarded by the IRS, and authorizes him to represent clients nationwide.)
Mr. Golding and his team have successfully handled several hundred IRS Offshore/Voluntary Disclosure Procedure cases. Whether it is a simple or complex case, safely getting clients into compliance is our passion, and we take it very seriously.
He is frequently called upon to lecture and write on issues involving IRS Voluntary Disclosure.
Less than 1% of Tax Attorneys Nationwide are Board Certified Tax Law Specialists
The Board Certified Tax Law Specialist exam is offered in many states, and is widely regarded as one of (if not) the hardest tax exam given in the United States for practicing Attorneys. Certification also requires the completion of significant ethics and experience requirements.
In California alone, out of more than 200,000 practicing attorneys (with thousands of attorneys practicing in some area of tax law), less than 350 attorneys are Board Certified Tax Law Specialists.
Beware of Copycat Law Firms
Unlike other attorneys who call themselves specialists or experts in Voluntary Disclosure but are not “Board Certified,” handle 5-10 different areas of tax law, purchase multiple keyword specific domain names, and even practice outside of tax, we are absolutely dedicated to Offshore Voluntary Disclosure.
*Click here to learn the benefits of retaining a Board Certified Tax Law Specialist with advanced tax credentials.
Reduced Fee Consultation
We do not offer “free” initial telephone consultations, because free initial telephone consultations are nothing more than “Sales Pitches” designed to misinform and scare you into making a brash decision.
When you are ready to discuss the specifics of your case, please email us to schedule a Reduced Fee Telephone Consultation with an experienced IRS Offshore Voluntary Disclosure Lawyer.
We offer consultations in 30-minute, 60-minute, and 90-minute increments.
Sean holds a Master's in Tax Law from one of the top Tax LL.M. programs in the country at the University of Denver, and has also earned the prestigious Enrolled Agent credential. Mr. Golding is also a Board Certified Tax Law Specialist Attorney (A designation earned by Less than 1% of Attorneys nationwide.)
Latest posts by International Tax Lawyers - Golding & Golding, A PLC (see all)
- Courts Reject Kovel – No Attorney-Client Privilege for the Accountant - April 14, 2019
- Numbered Accounts Offshore – FBAR & FATCA Civil & Criminal Penalty - April 12, 2019
- Voluntary Disclosure Lawyer Scam Warning “Flat-Fee without Tax Prep” - April 9, 2019